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Net Operating Loss Carryovers for Individuals

by | Apr 11, 2009 | income tax, net operating loss, NOL, tax plans

Net Operating Loss Carryovers for Individuals

The American Recovery and Reinvestment Act of 2009 (ARRA) provides  individual taxpayers potential net operating loss (NOL)  deductions. The IRS has provided opinions stating the ARRA  applies to individuals. An “Eligible Small Business” can elect to carry back a 2008 NOL for  up to five years. The IRS has broadly interpreted the definition of such businesses. Call Ronald J. Cappuccio, J.D., LL.M.(Tax) at 856-665-2121 if you need some guidance on the NOL changes.