Posted by Molly Nelson - Want to take advantage of the expanded business loss carryback provision from this year's economic stimulus legislation? If so, it's time to get started on that paperwork! Eligible calendar-year corporations have until September 15 to file a claim, and eligible individuals have until October 15 to choose the expanded carryback option.
Eligible small businesses that had expenses exceeding their income for 2008 can choose to carry the resulting loss back for up to five years instead of the usual two. This provision could mean a special and larger tax refund for eligible businesses because the loss is spread out over five years.
Please see IRS.gov for more information.
Previously:
Helpful News From the IRS
Small Biz Deductions - Net Operating Loss Carryback and More