Free Continuing Education for Small Business
I just took on a sole proprietorship that started doing business in 2009. TP hasn't filed years 2009 thru 2013. Can NOL be carried forward even though TP didn't file a timely return in 2009 and elect to forego the carryback period?
The election to forego the NOL carryback can only be made on a timely file return. You will have to go back first and then forward to the extent the NOL remains.