Strict year-end deadline for corporate tentative refund applications

Washington National Tax Services

The ability of a corporate taxpayer to obtain a quick refund by filing IRS Form 1139, Corporation Application for Tentative Refund, can quickly increase a corporation's cash flow in today's difficult economy.

Form 1139 must be filed within 12 months of the end of the tax year in which the relevant net operating loss (NOL), net capital loss, or unused credit arose. Therefore, for calendar-year taxpayers, the filing deadline to carry back an NOL generated in the tax period ended December 31, 2010, is December 31, 2011.

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