Suspended NOLs and 2020 is final year return with taxable income - Spidell

Suspended NOLs and 2020 is final year return with taxable income

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Message Board Suspended NOLs and 2020 is final year return with taxable income

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    • #298188
      Karen Connair
      Participant

      I have not seen anything on this issue so would appreciate some guidance.

      We have a C corp that has NOL carryovers into 2020.  For 2020, there is approx $1.35m of income apportioned to CA.  The 2020 tax year will be the final tax return for the company,

      Is there any exception to the NOL suspension rules for a final return?  Or does this mean that the taxpayer will never be able to use their NOLs to offset this income?

    • #298230
      Sandy Weiner
      Participant

      Unfortunately, they lose any unused NOLs.

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