If you’re looking to file tentative refund claim NOL carryback, you’re probably sitting on a tax loss right now and wondering, “How the heck can I turn this into actual cash?” Maybe you’ve just had a rough year—slow contracts, rising costs, unexpected payroll hits. But here’s the kicker: that loss isn’t just a red mark on your books. It’s a hidden asset.
At Icarus Fund, we work with business owners—especially government contractors—who need capital fast but hate jumping through financing hoops. And one of the fastest ways we help them get real money in the door is by filing a tentative refund claim using NOL carryback rules.
This article breaks it all down. No fluff, just strategy. Let’s go.
What Is a Tentative Refund Claim—and Why Should You Care?
A tentative refund claim is your way of telling the IRS, “Hey, I lost money this year, but I made money in previous years. I want that tax I already paid—back.” You’re leveraging what’s called a Net Operating Loss (NOL) carryback, and it can put serious cash in your hands within 90 days if you play it right.
Key point: this isn’t your regular slow-as-molasses amended return. This is faster, more direct, and specifically built for business owners who need capital yesterday.
Who Can File a Tentative Refund Claim?
Great question—and here’s the short answer:
✅ C-Corporations
✅ Individuals with pass-through or sole proprietor businesses
✅ Businesses that experienced a net operating loss this year
✅ You’ve got taxable income in at least one of the previous five years
That’s it. If that’s you, you can file tentative refund claim NOL carryback and get paid back from Uncle Sam for taxes you’ve already shelled out.
Now, here’s where it gets fun—especially if you’ve landed a government contract but need capital to fulfill it. Imagine having a six-figure contract in place but not enough in the bank to hire staff or buy materials. That’s exactly when one of our clients called Icarus Fund. We filed a refund claim using his NOL, and 67 days later, he had $148,000 sitting in his account. That money became his operating budget. No loan, no interest, just tax strategy.
The IRS Forms You’ll Need (Don’t Panic)
Here’s what you’re working with:
Form 1139 – For corporations
Form 1045 – For individuals (including sole props and partnerships)
Alongside that, you’ll want:
A copy of your tax return for the NOL year
Tax returns from prior profitable years
A clean NOL computation (this is where we come in)
A narrative explanation of the claim
The key is submitting within 12 months after the close of the loss year. Miss that? You’ll be stuck filing a regular amended return—which takes way longer.
Step-by-Step: How to File Tentative Refund Claim NOL Carryback
Let’s make this as easy as possible:
Step 1: Calculate Your NOL
Determine your allowable deductions for the year and how much of a net loss you’ve actually got. This is critical. An incorrect calculation can delay or deny your claim.
Step 2: Identify Carryback Years
You must apply the NOL to the earliest year in the allowed carryback period first, and then move forward. In some years, that’s five years back.
Step 3: Complete IRS Form 1139 or 1045
This is your refund application. It must be accurate, clean, and backed up by documentation.
Step 4: Submit Your Claim
Mail it to the IRS Service Center that handles your tax return. If everything’s correct, you can expect your refund within 90 days.
Step 5: Use That Money to Fuel Growth
Whether it’s funding payroll, buying inventory, or kicking off a new government contract, that refund is real cash—not a loan. No repayment. No interest. Just good tax strategy.
Common Mistakes That Slow Down Refunds
We’ve fixed a lot of bad claims. Don’t fall into these traps:
Missing the deadline – The IRS is strict on the 12-month window
Filing the wrong form – 1139 vs. 1045 matters
Skipping prior-year return review – Errors on old returns can tank your claim
Under-documenting your NOL – The IRS doesn’t guess; they want the math
At Icarus Fund, we scrub every number and build airtight claims so you don’t waste time or leave money on the table.
Why Icarus Fund Is the Go-To for NOL Refunds
We aren’t your average financial partner. We specialize in NOL tax credits, and we’ve built our entire process around helping businesses like yours get fast cash through smart tax moves.
Here’s what you get with Icarus:
Expert NOL calculations and documentation
Form preparation and submission
Full refund strategy based on your contract pipeline
Real communication with real tax pros
Fast execution (we’ve filed in under 48 hours in urgent cases)
Our clients aren’t just getting refunds—they’re using those refunds to grow. And you can, too.
From Tax Loss to Capital in 67 Days
One of our clients, a cybersecurity contractor, hit a slow year after a big DoD contract ended. He was sitting on a $400K loss, had just landed a new $800K contract, but had no capital to staff up. We filed his tentative refund claim using the NOL carryback.
Result:
$148,000 refund
Delivered on the new contract
No loans or new debt
And yes—profitable again the next quarter
This strategy doesn’t just work—it scales.
Your Tax Loss Is an Opportunity, Not a Setback
If your business has taken a hit but you’ve paid taxes in past years, this is your moment. Filing a tentative refund claim using NOL carryback could be the fastest way to turn a painful year into a growth opportunity.
We get it—dealing with IRS forms isn’t fun. That’s why we do it for you.
📞 Want to turn a loss into real cash in under 90 days?
Contact Icarus Fund today to file tentative refund claim NOL carryback and get the capital you need to fulfill your next government contract—with no loans and no delays.
