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IRS Guidance Clarifies How to Claim NOL Carrybacks Under the Latest Expansion of the Tax Break
Posted by Chrissy Hammond on Tue, Dec 8, 2009 @ 03:08 PM

One of the provisions of the Worker, Homeownership and Business Assistance Act of 2009 (WHBAA), signed into law in November, allows businesses of all sizes to elect to carry back a net operating loss (NOL) for 2008 or 2009 (and, in some cases, for both years) up to five years. Previously, this extended carryback period was available only to eligible small businesses (ESBs) and only for 2008 NOLs.

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Topics: tax update, tax, IRS, Taxes, NOL, NOLs, Carrybacks

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