Admittedly, Net Operating Loss (NOL) carrybacks can be complicated. And if you plan on using one for 2008, you only have a short period of time to make your election. There was an expanded carryback provision in the ARRA of 2009 that allows for a 5 year carryback instead of the usual two.
Small businesses that had expenses exceeding their income for 2008 can choose to carry the resulting loss back three, four or five years. That means that a business that had a net operating loss in 2008 could carry that loss as far back as tax year 2003.
The deadline is September 15, 2009 for corporations and partnerships and October 15, 2009 for individuals.
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