Corporate Nol Carryback 2025 Requirements. If you incur an nol, the irs allows for an “operating loss carryback” option, which involves amending past tax returns to reflect the loss and potentially get immediate tax savings. To claim a refund of taxes for an nol carryback, taxpayers file a single tentative refund claim that covers all carryback years, or an amended return for each carryback year.

Corporate taxpayers seeking to utilize the nol carryback rules will need to file irs form 1139, corporate application for tentative refund, or file an amended tax return for the. What is an nol/tax loss carryforward?