Taxation
Ca. Tax Lawyer 2017, VOLUME 26, NUMBER 3
Content
- An Interview with the Indicted: the Unique Client Perspective
- Bar Business Taxation Section Overview
- California Creates New Tax Departments; Limits Roles of Elected Tax Officials
- Contents
- Form W-9 or W-8Ben? the Proper Classification of a Dual Resident Taxpayer for Purposes of Documenting Status with a Foreign Financial Institution Under the Foreign Account Tax Compliance Act
- Guidance Needed Regarding Federal Estate Taxation of Exchange Traded Funds Owned by Nonresident Aliens
- Masthead
- Message from the Chair
- Taxation Section 2016-2017 Leadership Directory
- The Roots and Fruits of Section 6039G
- Visiting the Committees
- Tax Procedure: California Should Conform to Federal Law and Allow Expedited Tentative Nol Refunds
Tax Procedure: California Should Conform to Federal Law and Allow Expedited Tentative NOL Refunds1
By Benjamin Elliott & Lauren Knapp2
I. EXECUTIVE SUMMARY
California passed legislation in 2010 allowing Net Operating Losses ("NOLs") attributable to taxable years beginning on or after January 1, 2013, to be carried back by taxpayers to the two prior tax years, similar to the Federal rules.3
The NOL carryback rules allow taxpayers to use NOLs sooner than they otherwise would be able to without a carryback provision, thereby providing taxpayers with a refund where they otherwise may need to wait several years to be able to use the NOLs in the future, if ever. Further, while use of NOL carryforwards were suspended in California for most taxpayers4 during taxable year beginning on or after January 1, 2011, taxpayers using this new NOL carryback rule are allowed to carryback NOLs from applicable years into 2011 when such taxpayers were not otherwise allowed to use NOL carryovers.