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.