Corporate minimum tax carryovers

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, 3/17/2020) accelerated the recovery of a corporation's minimum tax credits allowing the full amount of any corporations' unused credits to be claimed in 2019. The refundable AMT credit may provide much needed cash for the corporation. The deadline to claim a 2018 minimum tax credit, described in Code Sec. 53(e)(5), is December 30, 2020.   

Unfortunately, for the 2018 tax year, the time has expired to file one application for tentative quick refund for both the minimum tax credit and NOL carryback on Form 1139, which were due June 30, 2020 for tax years ending December 31, 2018. (Notice 2020-26)

For additional tax tips and guidance, explore Thomson Reuters resources such as Federal Tax Handbook 2021, Federal Tax Regulations, Winter 2020, and the Complete Internal Revenue Code, Winter 2021.

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