2012 Status of the California Net Operating Loss Deduction

Frank Favaro — Wed, 08 Jul 2015 23:18:48 +0000

For the tax years 2008 through 2011 California had suspended the Net Operating Loss (NOL) deduction for corporate and individual taxpayers with income above a specified threshold ($500K in 2008/2009; $300K in 2010/2011). Because of the economic hardship that many suffered beginning with the collapse of the real estate market in 2007, the NOL suspension meant that some California taxpayers had losses that they could not use.

CA NOL – Current Status

For 2012, the suspension of the NOL was not extended. The 2012 instructions for FTB Form 3805V (CA Net Operating Loss Computation) provide that the NOL carryover deduction has now been reinstated for tax years beginning on or after January 1, 2012.

The IRS’ Hi-Tech Efforts

Frank Favaro — Wed, 08 Jul 2015 23:14:40 +0000

Over the past few years, the IRS has made efforts to become more accessible to taxpayers through technology. In 2009, the IRS launched a YouTube video channel www.youtube.com/irsvideos. During 2011, the IRS launched IRS2Go, a smartphone application that lets you interact with the IRS using your iPhone or Android mobile device (no App yet for Windows Phone users). IRS2Go reflects IRS’ commitment to help you get the information you need—whenever you need it, wherever you are.

Check the Status of Your Refund

You can check the status of your federal income tax refund using IRS2Go. Simply enter your Social Security number, which will be masked and encrypted for security purposes, then select your filing status and enter the amount of your anticipated refund from your 2010 tax return. If you e-file your return, you can check your refund status within a few days. If you file a paper tax return, you will need to wait three to four weeks to check your refund status because it takes longer to process a paper return.

Get Tax Updates

You can also use IRS2Go to subscribe to filing season tax updates by entering your e-mail address to automatically get daily tax tips. Tax Tips can help you with your tax planning and preparation needs. They are issued daily during the tax filing season and periodically during the rest of the year. The plain English updates cover topics such as free tax help, child tax credits, the Earned Income Tax Credit, education credits and other topics.

Follow the IRS

Finally, you can use IRS2Go to sign up to follow the IRS Twitter news feed, @IRSnews. IRSnews provides the latest federal tax news, including information about tax law changes and important IRS programs.

Download the IRS2Go App

If you have an Apple iPhone or iTouch, you can download the free IRS2Go app by visiting the iTunes app store. If you have an Android device, you can visit the Android Marketplace to download the free IRS2Go app. IRS2Go is a new way to provide you with information and tools. The IRS also uses YouTube and Twitter to share the latest information on tax law changes, initiatives, products and services through social media channels.