Form 1139

Form 1139

A form that a corporation files with the IRS to request a speedy tax refund due to a tax loss carryback or overpayment of taxes due to certain income adjustments.
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(The authors recommend including a disclosure with such a preliminary return, advising the IRS that it may contain estimates and that the taxpayer plans to file a superseding return.) Along with Form 1120, the taxpayer will likely include Form 1139, Corporation Application for Tentative Refund, to have its carryback processed as soon as possible.
The Account Transcript should be obtained if a corporation plans to file a carryback claim using Form 1139 or Form 1120X.
* A procedure is available to claim a refund arising from carrybacks more quickly than by filing amended returns--Application for Tentative Refund (Form 1045) and Corporation Application for Tentative Refund (Form 1139).
Carryback Applications or Refund Claims: A taxpayer making this election, as described above, must attach a copy of the election statement to a claim for tentative carryback adjustment, Form 1045 (individuals and fiduciaries) or Form 1139 (corporations), or to an amended return--applying the applicable NOL to the carryback year.
Taxpayers can and should use the tentative "quick" carryback procedures by using form 1139 (corporations) or form 1045 (individuals) which expedites the processing of the refund so that the taxpayer doesn't have to wait for the current year (the one generating the net operating loss) return to be processed.
The new procedure modifies the old one so that an eligible small-business owner may file a Form 1045, Form 1139 or an amended tax return that carries back the NOL for three, four, or five years.
If your cash flow could use a more immediate boost, however, consider requesting a "quick refund" by filing Form 1139 with the IRS.
If an NOL, capital loss, or business credit carryback has instead been carried back on Form 1139, Corporation Application for Tentative Refund, Sec.
172(b)(1)(H) election (which is irrevocable and can be made only for one tax year) using Form 1045, Form 1139 or an amended return must file that form in advance of its ordinary due date.
Saylor advised that taxpayers should check Box 5 on the return to show that it is a superseding return, adding that the Form 1139 cannot be e-filed.
files a Form 1139, Corporation Application for Tentative Refund, to carry back a 2009 NOL to 2007.