Recovery act provision can help small businesses this tax season

04/7/2010 |'s Tip blog

The American Recovery and Reinvestment Act of 2009 has a loss-carryback provision that allows small businesses to take losses and offset income from five years instead of two. Any business or corporation organized as a partnership, sole proprietorship or S-corporation that has no more than $15 million in gross receipts for the three-year period ending in the tax year with the net operating loss is eligible.

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