IRS Releases Information on NOL Carryback for Small Businesses
The IRS has just released information relative to changes in the net operating loss carryback for small businesses. 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 to get a refund of taxes paid over the past five years instead of the usual two.
To accommodate the change in tax law, the IRS has updated the instructions for Form 1045 and Form 1139, which small businesses will use to take advantage of the carryback provision.
IRS Form 1045
IRS Form 1045 Instructions
IRS Form 1139
IRS Form 1139 Instructions
For more information, and to see the IRS news release on this issue, visit this site.