United States, Tax, NOL Carrybacks For Businesses Large And Small - A Narrow Window Of Opportunity - Reed Smith - 24/11/2009, Corporate Tax, IRS/ Inland Revenue.
The Worker, Homeownership, and Business Assistance Act of 2009 (the "Act"), as signed into law by President Obama Nov. 6, 2009, creates a narrow window of opportunity for taxpayers of all sizes with net operating losses to obtain immediate tax refunds. Pursuant to the Act, a taxpayer with a net operating loss ("NOL") generated in either 2008 or 2009 may elect to carry back the NOL for up to five, instead of the usual two, prior taxable years. This temporary expansion of the NOL carryback rules could mean significant tax refunds for taxpayers who have suffered substantial losses in 2008 or 2009.
