A recently released private letter ruling has interest for any individual and corporate taxpayers who reported net operating losses (NOL) in 2008 or 2009. The ruling, LTR 201125014 (Mar. 22, 2011), grants a taxpayer an extension to elect to carry back NOLs for up to five years under a temporary provision enacted by the Worker, Homeownership, and Business Assistance Act of 2009. ...

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