| What are the new NOL Carryback provisions for businesses under the ARRA Act for 2009?
The IRS has announced that "Small businesses with deductions exceeding their income in 2008 can use a new net operating loss tax provision in the American Recovery and Reinvestment Act (ARRA) to get a refund of taxes paid over the past five years instead of the usual two."
This will enable businesses to file their NOL carryback over a considerablely longer period and claim a refund for taxes paid in prior year when business conditions were favorable.
The IRS has updated Publication 536, along with the instructions for Form 1045 and Form 1139, which small businesses may ulitilize to take advantage of the carryback provision.
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