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13 April 2020

BREAKING TAX NEWS | IRS temporarily allows digital filing of Forms 1139 and 1045 for NOL carrybacks and AMT credit accelerations only

The IRS announced that taxpayers may file by fax Form 1139 (refunds for corporations) and Form 1045 (refunds for individuals, estates, and trusts) beginning on April 17, 2020, and until further notice. The faxed forms will be processed in the order of receipt.

Taxpayers may fax these forms only to claim refunds under the net operating loss (NOL) and alternative minimum tax (AMT) credit acceleration provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Previously, these returns had to be paper-filed.

The IRS will allow Form 1139 to be used in an IRC Section 965(a) inclusion year in which NOLs are carried back to reduce income in excess of the amount of the net IRC Section 965(a) inclusion. The IRS also signaled that it will issue additional instructions on filing requests for tentative refunds for taxpayers with outstanding IRC Section 965(h) net tax liabilities.

The IRS will not extend this procedure to Form 4466 for "quick" refunds for corporate overpayment of estimated tax, which must still be paper-filed.

A Tax Alert is forthcoming.

Document ID: 2020-9020

 

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