New Tax Incentive: Carryback Losses as Far as 2004

On November 6, 2009, President Obama signed into law the “Worker, Homeownership, and Business Assistance Act of 2009” which extends the longer loss carryback election originally only available for the 2008 tax year. The new legislation permits most taxpayers (not just small businesses) to carryback a 2009 tax year net operating loss 3, 4, or 5 years instead of the normal 2 years.

For example, if your business sustains a loss in 2009, that loss can be used to offset income as far back as the 2004 tax year. The 2004 and 2005 tax years, which normally would have been closed by the statute of limitations, are opened up as a result of the new legislation. Please contact us to find out if your business can take advantage of this opportunity.

About dentbaker

Accounting Service Firm
This entry was posted in Taxation. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s