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October 31 deadline to make loss carryback choice.

Publication: CPA Client Bulletin
Publication Date: 01-OCT-02
Format: Online - approximately 631 words
Delivery: Immediate Online Access

Article Excerpt
Did your business have a net operating loss (NOL) for the tax year that ended in 2001 or earlier in 2002? Prior to a law change earlier this year, a taxpayer could choose to carry back the loss as a deduction to offset business income in the two prior years (or three years, in the case of and...

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...certain casualty theft losses) and create a tax refund. The Job Creation and Worker Assistance Act of 2002 (Act) extended this carryback period to five years, creating a tax planning opportunity that may allow you...

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