NY Waste Management Owner Properly Denied $3.7 Million NOL Claim

The owner of a New York waste management company isn’t entitled to carry back a $3.7 million net operating loss and must pay accuracy-related penalties to the IRS, the US Tax Court said Monday.

Joseph and Louise Spiezio petitioned the Tax Court to redetermine about $609,000 in federal income tax deficiencies and $121,800 in penalties for tax years 2015-2016. The Spiezios conceded the IRS’s adjustments to their income, but claimed they could carry back a 2017 NOL to mitigate their liability in years prior.

• The couple isn’t entitled to carry back the NOL because the loss ...