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Worker, Homeownership, and Business Assistance Act of 2009

The Worker, Homeownership, and Business Assistance Act of 2009 enhances the net operating loss ("NOL") carryback period. Most taxpayers have an elective carryback of up to five years for NOLs incurred in a tax year beginning or ending in 2008 or 2009 and the election is irrevocable. Most taxpayers can elect to extend the general two-year carryback period but the taxpayer cannot be a Troubled Asset Relief Program (“TARP”) recipient or an affiliate of a TARP recipient.

In our presentation Worker, Homeownership, and Business Assistance Act and the Five-Year NOL Carryback Provision, we provide information on the five-year extended NOL carryback election's significant provisions, the time and manner of making the election as well as planning and practical considerations.

Contacts:

 

Paul Dougherty, Tax Partner
908-218-5002 X2210
Lori McMahon, Senior Tax Manager
908-218-5002 X2216
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