Regional NOL workpapers create NBR on federal

Summary

Regional NOL workpapers create NBR on federal

Content

We updated the new NOL workpapers for one entity in one state. The process we followed created an additional NBR that we were not expecting. See below for steps in process:

 

NOL Workpapers:

1. Breakout total NOL in prior year adjustment column by year

2. Reverse current year utilization and allocate to proper year

Regional Temporary Workpaper:

1. Enter Opening Balance Adjustment for total BOY NOL (if we do not make this entry, the total BOY NOL is double counted via the original BOY carried over plus the breakout by year in the NOL workpapers) see second screen shot in the attachment.