Recovery Act lets Small Business Carry Back Losses 5 Years
When a business books a profit, it pays income tax on its earnings. But if the business then turns a loss in later years, tax rules allow the business to "carry back" its loss and deduct the money from earlier profits. By filing an amended tax return for the earlier, profitable year, the business can claim an immediate refund on the taxes it paid. Last year's Recovery Act extended the carry back period from 2 years to 5 years for small companies with average annual sales of $15 million or less. www.vieracpa.com
Posted by Gustavo A Viera CPA 1 at 2/17/2010 6:27 PM 
Categories: Tax, QuickBooks, Condo, Audit, Accounting
Tags: miami accountant financial projections compensation Payroll Taxes S Corp audit miami cpa accountant miami QuickBooks cpa miami accounting small business tax
Categories: Tax, QuickBooks, Condo, Audit, Accounting
Tags: miami accountant financial projections compensation Payroll Taxes S Corp audit miami cpa accountant miami QuickBooks cpa miami accounting small business tax
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