A net operating loss (NOL) occurs when a business’s operating expenses and other deductions for the year exceed its revenues. On the bright side, you can claim an NOL deduction if your business’s expenses exceed its income (though certain modifications apply). Generally, once you incur a qualifying NOL, you can either carry it back as far as allowable (typically two years) and then carry forward any remaining amount, or you can elect to carry forward the entire loss. Choosing the best approach can be tricky, so please give us a call for help.
OIL FIELD ACCOUNTING SOLUTIONS FOR THE MODERN ENERGY COMPANY
Nearly 40% of oil and gas companies struggle with inefficient financial processes, costing them millions in lost revenue and compliance penalties each year. In an
