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Fall Filing Deadline Looms for Special Small Business Refund Claims

Time is running out for many small businesses wishing to take advantage of the expanded business loss carryback option included in this year’s recovery law. Eligible individuals have until Oct. 15 to choose this expanded carryback option. Eligible calendar-year corporations have until Sept. 15.  This carryback provision offers small businesses that lost money in 2008 an excellent way to quickly get some much needed cash if they were profitable in previous years. This option is only available for a limited time, so small businesses should consider it carefully and act before it’s too late.  Under the American Recovery and Reinvestment Act (ARRA), many small businesses that had expenses exceeding their income for 2008 can choose to carry the resulting loss back for up to five years, instead of the usual two. This means that a business that had a net operat...

By Charles M Cooper · August 13 2009 small business, taxes, irs, expanded loss carryback option