Single Member LLC with NOL and Carryback

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TaxLady Jones in Philadelphia, Pennsylvania

30 months ago

Hi Tax Pros!

I've been reading this forum for weeks afraid to join in the discussion. Well, I've finally come across a situation in which I think I could use some help. I'm even willing to pay for it. To briefly give you a little bit of background, I have a AS in Accounting and am presently 8 classes away from my BS in Business/Accounting. I work as an Accountant, have prepared taxes for about 8 years on the side and taken numerous online tax courses. This year I decided to expand my "business" to include bookkeeping services and small business taxes (Just Schedule C's so far).

Anyhoo...my first "real business client" is a single member LLC (So I can file 1040). Anyway, she purchased a building this year and lost it. She had her taxes prepared last year but never made the payment. Being that she had a huge loss this year, she'd like to carry it back hoping that there is enough left over from '09 to cover the taxes she didn't pay in '10. Does anyone have experience with this? I know I can ammend the prior return and use the 1045 Schedule A but I have never even done this scenario in school. (They only taught us the 1045 to request a refund). So... can anyone lend me any pointers? If it matters, it is a daycare business.

I spend a LOT of time reading IRS publications and studying tax law but I am a little hesitant on taking this case because the last thing I would want to do is screw her up.

Thanks in advance!!

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