The American Recovery and Reinvestment Act of 2009 (ARRA) extended the general carryback period for net-operating losses (NOL) generated in 2008 from two years to up to five years for eligible small businesses. The Worker, Homeownership and Business Assistance Act of 2009 (WHBA) further expanded that benefit to permit individuals, estates and trusts, exempt organizations and corporations of all sizes to elect to carry back applicable NOLs to up to five years. NOLs generated in a tax year either beginning or ending in 2008 or 2009 would qualify for the extended carryback election. (read full article here)
Friday, December 11, 2009
Just read this great article about the extension of NOL carryback being expanded to businesses of all sizes, individuals, estates and trusts. This allows many businesses who are suffering losses but don’t meet the qualified small business requirements of the previous act to have access to cash now when they really need it.