Apr 16, 2009

Deadline for Net Operating Loss Carryback Looms

For most businesses, April 17 is the last day to elect to carry back a business operating loss from the tax year 2008. (As we reported back in February in the post Business Loss Carrybacks Extended by Stimulus Package, under the stimulus package, a loss can now be carried back five years instead of two, to be applied against prior year profits.) The April 17 deadline doesn't apply to businesses that file extensions or use a fiscal tax year rather than the calendar year.