Deadlines Approach for 2008 NOL Carryback Claims
Under the American Recovery and Reinvestment Act of 2009, certain taxpayers can make an election to carry back a 2008 net operating loss for three, four or five years (instead of the usual two years). The deadlines to make this election are fast approaching.
For individuals, the deadline for this election is October 15, 2009. For calendar-year corporations, the deadline for this election is September 15, 2009.
Taxpayers with large losses in 2008 should consult with their tax advisors and consider whether this election will produce a larger refund. If so, they should be sure not to miss the deadline.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.