The CCH summary of the new tax bill signed by the President today is now available.
For small businesses (with gross receipts <15 million), the most important news is that the 5 year NOL carryback is now extended to 2009. For those businesses over $15 million, the 5 year NOL carryback is available for 2008 OR 2009, but there are limitations.
For individuals, the $8,000 first-time homebuyer credit is extended, and for non-first time homebuyers who have lived in their residence for 5 out of the last 8 years – there is now a reduced credit of $6,500.
I am trying to find out if the Worker, Homeownership & Business Assistance Act of 2009 applies to S Corps as well. All articles that I read say “corporations”.
Thank you.
If you are referring to the NOL extension, yes – it applies to S-Corporations too. The same vague wording was used on the when the 2008 NOL carryback rule was put into place and they later clarified it.