Discussion:Form 1045 Quick Refund Claim
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Basic Tax Questions --> Form 1045 Quick Refund Claim
Discussion Forum Index --> Tax Questions --> Form 1045 Quick Refund Claim
| 5 November 2009 | |
| I recently submitted a Form 1045 to carryback an NOL to 2006. I gave them the original 2006(marked as ORIGINAL) and a 2006 (marked AFTER CARRYBACK). The 1045 shows a decrease in tax of $1,100,000. I also submitted the required Form 8302 for direct deposit. The IRS is trying to say that I requested this to be applied to 2007 because my (2006 after carryback return) shows that we want the refund applied to 2007. This only happened because Prosystems was set up to apply refunds originally on the 2006 return. Then they said that they will send us a letter in 6 months wondering why we want it applied to 2007 when there is not tax due. Does the 1045 request the refund inplicitly or are they correct that the actual request needs to be shown on the updated 2006 return? The problem I have with this is that I only submitted the updated 2006 return to show that it ties to the Form 1045. | |
| 5 November 2009 | |
| Does this involve an NOL carryback from 2008? I've been hearing all kinds of strange things happening to Forms 1045 filed for 2008 NOL carrybacks.
The IRS normally issues the refund unless there is a balance owed in another tax year. The IRS generally has 90 days to process the Form 1045 and issue the refund. See IRC ยง6411(b). But they try to process the form in 45 days so that they don't have to pay interest. See IRM sec. 21.5.9.5, para. 3. | |
| 5 November 2009 | |
| I carried back losses for 3 clients this year. Two got bounced back for ridiculous "additional information". One sailed through. The other 2 have not come through yet so I am having the same hiccups compared to normal. | |
| 6 November 2009 | |
| Due to the new rules that permit a 5-year carryback for NOLs from 2008, I wonder if the IRS is just so overwhelmed with 1045s that unless everything matches up perfectly, they are rejecting or sending back the 1045s. | |
To join in on this discussion, you must first
log in.
