The temporary provision that allows business losses to be carried back for up to 5 years (typically 2 years), will expire soon. This could be big recouped tax dollars for you.
If you have net operating losses (NOL), are a calendar taxpayer, have flow through entities (i.e. partnerships and S Corporations) and have filed an extension – you have until October 15th to file your tax returns and carry back your losses for up to 5 years. Fiscal year C Corporations have until the due date of their return (plus extensions) to take advantage of this provision.
We do not anticipate an extension of this provision, so you need to act now if this situation applies to you. Call if you want to discuss in more detail.
