Technical topics regarding tax preparation.
26-May-2020 4:52pm
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The CARES Act provides for a 5 year carryback. I have a 2019 C-Corporation that paid 21% tax in 2018 and 15% tax prior to that. I suppose there is no way for me to choose a shorter carryback period in order to optimize the refund. Is that correct?
26-May-2020 5:35pm
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Rev. Proc 2020-24 mentions reducing a carryback period. You might want to start reading there
https://www.irs.gov/pub/irs-drop/rp-20-24.pdf
Because on T.A. ten was the most you were allowed
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