Time is running out for many small businesses wishing to take advantage of the expanded business loss carryback option included in the American Recovery and Reinvestment Act of 2009. Eligible individuals have until October 15 to choose this expanded carryback option.
Eligible calendar-year corporations have until September 15.
Small businesses that had expenses exceeding their income for 2008 can choose to carry the resulting loss back three, four, or five years, instead of the usual two. This means that a business that had a net operating loss (NOL) in 2008 could carry that loss as far back as tax-year 2003.
The option is available for an eligible small business that has no more than an average of $15 million in gross receipts over a three-year period ending with the tax year of the NOL. This choice may be made for only one tax year.
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