Linda Jenkins O'Rourke CPA, PA

Certified Public Accountant
Clearwater, Florida

What's New

Revenue Procedure 2009-19 provides guidance under § 1211 of the American Recovery and Reinvestment Tax Act of 2009, that allows a taxpayer that is an eligible small business (ESB) to elect a 3, 4, or 5-year net operating loss (NOL) carryback for a taxable year ending after 2007, instead of the normal 2-year carryback.  The revenue procedure tells taxpayers the time and manner for making the election if the taxpayer has not filed a return or has filed a return and either claimed the normal carryback or waived the carryback.  The revenue procedure also provides guidance on how a taxpayer makes the election if the taxpayer is a partner of an ESB that is a partnership, a shareholder of an ESB that is an S corporation, or a sole proprietor.

Revenue Procedure 2009-19 will be in IRB 2009-14, dated April 6, 2009.

 

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