Hi Steve,

Thanks for providing valuable insights and guidance. This content is really helpful. I have a quick question on NOL. I had bigger S corp losses in 2013, 2014 and 2015 , that I took against my smaller W2 income on my 1040.

Cares act allows to carry back losses from 2018, 2019 and 2020 to prior tax years (2013, 2014 and 2015 W2’s). My question is could I refile my 2013, 2014 and 2015 1120 and take the loss against by 2018, 2019, 2020 W2 income? The reason being my W2 is in higher tax bracket in these later years. My apologies for a long question. Thanks for your help! greatly appreciate it.

Thanks Steve. I do have a trade name, my company is set up as an LLC / S Corp

My salary to myself is $4000 a month, plus I have to pay for my office spaces and other business expenses, Will this qualify me for the loan forgiveness?

I think you would carry back 2018 to 2013 and then ahead to 2014, 2015 etc as necessary… and then I think would carry back 2019 to 2014, and 2020 to 2015…

But maybe once we have chance to fully digest this and or get more guidance, we’ll see we have a bit of flexibility. (I feel like I remember points in the past where you have some flexibility.)

I think so… also I think for the amounts you have drawn from the business. BTW, you need to be a trade or business per Section 1402 of the Internal Revenue Code… which would mean you’re paying self-employment taxes basically.

Great question. And I don’t know the answer. You can probably contact your regular bank. I will guess they’re only trying to get up to speed on this right now. But maybe in a few days, they’ll be starting to queue small businesses up? Maybe?

BTW I talked with a banker at US Bank over the weekend. They had already had in branch meetings about this, were planning to hire a bunch of “case workers,” and had already set up a way (as you see above) for collecting names of potential borrowers.

I think it maybe will. See the statutory language about exempt organizations. (I’m focusing on small businesses obviously.) But it appears this is all (and maybe only) about protecting people’s jobs and wages.

As in Independent contract with a Small Business, I am eligible to get a loan to pay for business expenses, and office spaces for the remaining of the year.

JJ