Net Operating Loss Provision Passes, Signature Expected Today

The bill is H.R. 3548. 

The House passed the bill yesterday and the President is expected to sign it  today. 

pen_signature

Call your tax advisor promptly!

You should consult your tax advisor immediately, as this bill provides for immediate tax refunds on taxes that your business has paid over the immediate 5 years, instead of the the usual 2 years for the tax period 2008 OR  2009  (not both!) There are other terms regarding the fifth year that we will not get into here.

The existing law per the stimulus bill only allowed for losses incurred in 2008, the language that PMPA worked to get passed added coverage for 2009.

Thanks to all  who responded to our Action Alert October 23. Your action and support of this important provision  has made a difference!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s