{"id":268,"date":"2010-01-04T15:38:47","date_gmt":"2010-01-04T20:38:47","guid":{"rendered":"http:\/\/www.nw-cpa.com\/?p=268"},"modified":"2010-01-04T15:38:47","modified_gmt":"2010-01-04T20:38:47","slug":"extended-business-carryback-period","status":"publish","type":"post","link":"https:\/\/www.nw-cpa.com\/?p=268","title":{"rendered":"Extended Business Carryback Period"},"content":{"rendered":"<p><a href=\"http:\/\/www.irs.gov\/irb\/2009-49_IRB\/ar11.html\">IRS Rev. Proc. 2009-52<\/a> provides guidance under Section 13 of the Worker, Homeownership, And Business Assistance Act 2009. \u00a0Section 13 allows taxpayers to elect to carry back an applicable NOL for a period o 3, 4, or 5 years, to offset taxable income in those preceding taxable years. \u00a0It applies to NOLs for a taxable year ending after December 31, 2007, and beginning before January 1, 2010. \u00a0An<a href=\"http:\/\/www.irs.gov\/newsroom\/article\/0,,id=217370,00.html\"> election <\/a>must be attached to the appropriate carryback form. \u00a0Here is sample language from the IRS website:<\/p>\n<blockquote><p>ABC Company is electing to apply Section 172(b)(1)(H) under Rev. Proc. 2009-52.\u00a0 ABC Company is not a TARP recipient and was not an affiliate of a TARP recipient during 2008 or 2009.\u00a0 We are electing a 4 year carryback period.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>IRS Rev. Proc. 2009-52 provides guidance under Section 13 of the Worker, Homeownership, And Business Assistance Act 2009. \u00a0Section 13 allows taxpayers to elect to carry back an applicable NOL for a period o 3, 4, or 5 years, to offset taxable income in those preceding taxable years. \u00a0It applies to NOLs for a taxable &hellip; <a href=\"https:\/\/www.nw-cpa.com\/?p=268\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Extended Business Carryback Period<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[399],"class_list":["post-268","post","type-post","status-publish","format-standard","hentry","category-federal-income-tax","tag-federal-income-tax"],"_links":{"self":[{"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/posts\/268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=268"}],"version-history":[{"count":2,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/posts\/268\/revisions"}],"predecessor-version":[{"id":270,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/posts\/268\/revisions\/270"}],"wp:attachment":[{"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}