IRS Provides Guidance on Small-Business Loss Carrybacks

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Via the Journal of Accountancy

The IRS has released Revenue Procedure 2009-19, which provides guidance on net-operating-loss provisions for small businesses that were enacted in the economic-stimulus package. Under the new law, small businesses — those with less than $15 million in revenue — can elect to carry NOLs back five years instead of two. The IRS guidance describes how businesses can make the election.

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