New Tax Legislation Allows Individuals and Businesses to Elect Extended Carryback

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Individuals and businesses filing U.S. income tax returns should take note of the Worker, Homeownership and Business Assistance Act of 2009 (the "Act"), signed into law on November 6, 2009. Under the Act, most taxpayers may elect to carry back net operating losses ("NOLs") from taxable years beginning or ending in 2008 or 2009 for up to five years. Prior to the Act, the NOL carryback period was limited to two years, with an optional five-year carryback period for 2008 losses of certain small businesses. The 20-year carryforward period remains unchanged.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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