The CARES Act 5 year NOL carryback is one of the most powerful tax moves businesses can use right now—and most people have no clue it exists. If you had losses in 2018, 2019, or 2020 and paid taxes in earlier years, the IRS might owe you a fat refund. We’re talking tens—or even hundreds—of thousands in cash, sitting there waiting for you to claim it.
At Icarus Fund, we specialize in helping government contractors and small business owners unlock this hidden opportunity before it disappears. Because yes, the clock is ticking.
You Paid the IRS When Times Were Good—Now Get Paid Back
Here’s the deal. You crushed it in 2015 through 2018. You paid your taxes like a good citizen. Then 2020 hit like a freight train. Revenue dried up. Contracts stalled. Costs ballooned. You took a loss.
The CARES Act—which was rolled out in 2020—lets you carry back those 2020 losses five years to those profitable years and get your taxes refunded. That’s what the CARES Act 5 year NOL carryback is all about. It’s not a loan. It’s not debt. It’s your money. You just have to ask for it.
We Helped a Contractor Claim $147,000 They Didn’t Know Existed
One of our clients—a federal contractor out of Colorado—lost around $400K in 2020. They assumed they’d just carry that forward to offset future profits.
Wrong move.
We helped them file a CARES Act 5 year NOL carryback and go after their 2015 and 2016 tax years, where they had paid over $180K in federal income tax. IRS sent back $147K in just under 11 weeks. That cash? Used for labor, equipment, and upfront costs on a new $2.5M DoD contract.
That’s the difference between sitting on a loss and leveraging it for fuel.
So What’s the CARES Act 5 Year NOL Carryback, Really?
Let’s break it down:
Normally, you can only carry a net operating loss (NOL) forward to offset future taxable income.
Under the CARES Act, if you had an NOL in 2018, 2019, or 2020, you can now carry that back five years.
You apply the loss to those prior profitable years and get a refund on the taxes you paid.
It’s a temporary rule. And if you don’t use it—you lose it.
Why This Is Gold for Government Contractors
You win a federal contract. Congrats. But now you have to staff up, cover insurance, purchase materials, and meet compliance requirements—all before the first check comes in.
That’s the classic problem: your project is approved, but your cash flow isn’t.
Using the CARES Act 5 year NOL carryback, you can inject cash into your business without debt, without investors, and without waiting six months for a slow-paying agency.
It’s fast. It’s clean. It’s tax code. And it works.
How It Works: The Simple 3-Step Breakdown
Step 1: Identify the Loss Year
Did you have a loss in 2018, 2019, or 2020? Cool. That’s your “loss year.” Time to carry that pain backward.
Step 2: Target High-Tax Years
We help you find years in the 5-year window where you paid the most taxes. The bigger the tax bill, the bigger the refund.
Step 3: File Form 1139 or 1045
This is how you tell the IRS: “Yo, I want my money back.” Corporations file Form 1139. Individuals and passthroughs file Form 1045. We prepare it, audit-proof it, and submit it for you.
The IRS processes it as a tentative refund, meaning you don’t wait years. You get your check in 60 to 90 days.
But Wait—The Window Is Closing Fast
If your loss year was 2018, your 12-month deadline to file expired. But if you had losses in 2019 or 2020, you’re still in the game. You’ve got limited time left to file using the CARES Act 5 year NOL carryback rules.
Most business owners have no idea about this. That’s why we’re shouting it from the rooftops.
You already lost once—don’t miss your refund too.
Top Mistakes That Cost Businesses Thousands
Let’s make sure you don’t screw this up:
Missing the 12-month window: You have to file within 12 months of the NOL year’s end for fast-track processing.
Applying losses to low-tax years: If you carry back to a year with little or no tax liability, you waste the opportunity.
Incorrect filings: One mistake on Form 1139 or 1045 and the IRS will toss it back or delay your refund.
Not filing at all: Most people assume they “already handled this.” Spoiler: they haven’t.
This is where Icarus Fund comes in. We don’t just help you file—we help you win.
Why Icarus Fund?
Because we live in the trenches with business owners like you. You’re not looking for a theory. You’re looking for cash that hits your account so you can get to work.
Here’s what we do:
Analyze your past tax returns for max refund potential
Prepare and file all forms quickly and accurately
Match your refund strategy with your contract funding needs
Help you use your refund as real working capital, not just a line on your tax return
And we do it faster than anyone else.
Your Loss Is a Lever—If You Pull It
Let’s be honest—2020 sucked for a lot of businesses. But the IRS gave us this one-time window to make it right. The CARES Act 5 year NOL carryback is the lever. Now you just have to pull it.
Don’t let your tax refund expire. Don’t leave money on the table. Don’t take out another expensive loan when your own cash is waiting for you.
🚀Let’s Get You Paid
Had losses in 2019 or 2020? Paid taxes in 2015–2018?
The CARES Act 5 year NOL carryback could put serious cash in your account—fast.
At Icarus Fund, we specialize in turning tax losses into launch fuel.
👉Book your free NOL refund assessment now. We’ll show you how much you’re owed and file it for you—before the door slams shut.
