Critical IRS policy change regarding processing and filing deadline for Form 1139 to carryback 2010 net operating losses (NOL)

October 2011

Overview

The ability for corporate taxpayers to obtain a quick refund by filing IRS Form 1139, Corporation Application for Tentative Refund, is important and can quickly increase a corporation's cash flow in today's difficult economy. As such, being aware of the strict filing deadline is critical.

Form 1139 must be filed within 12 months of the end of the tax year in which an NOL, net capital loss or unused credit arose. Therefore, the filing deadline to carryback an NOL generated in tax period ended December 31, 2010 is fast approaching and must be filed with the IRS by December 31, 2011.

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