Small Business have until September 15, 2009 (and eligible individuals until October 15 ,2009) to file their tax return to take advantage of the special NOL provision that was enacted with the American Recovery and reinvestment Act (ARRA).
If the eligible taxpayer has deductions (including theft losses) in excess of income this provision expands the Net Operating Loss (NOL) carryback period to up to 5 years from the traditional 2, which entities the taxpayer to go back up to 5 past years to recover taxes paid.
For more information on this provision and what constitutes an eligible taxpayers check IR-2009-72 .
Tags: IRS, NOL, Tax
This entry was posted by Richard Rogers, EA on Tuesday, September 1st, 2009 at 11:01 am and is filed under For Businesses, For Individuals, NOL, NOL. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
About The Author
Richard Rogers has been working as a tax professional for over six years and has been working with small businesses for over 20. As an enrolled agent, he routinely represents the interests of taxpayers before the Internal Revenue Service and Franchise Tax Board. He works in a tax practice that focuses on the special needs of individuals and small businesses.
Richard currently is employed in a private tax practice where he helps people and businesses resolve their tax issues, minimize their tax liability, and plan for their financial future. While Richard does most types of tax returns including individual, he specializes in small business returns including C-Corporation, S-Corporation, Partnership and LLC returns.
Richard also has a strong background in accounting, management, and information systems as he worked as a CFO and CIO for a software development company for 12 years.
Richard earned a bachelor’s degree in Business Administration from San Diego State University with in emphasis in Information Systems. He also taught business courses at the university. He currently stays abreast of tax law changes through continuing education, seminars, and research via the Internet.
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Rich