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18 Mar 2009
The US Internal Revenue Service is giving small businesses with deductions exceeding their income in 2008 the opportunity to receive a refund within 45 days or less of submitting the claim.
The IRS has announced these businesses can use a net operating loss provision to get a refund of taxes paid in the years prior to 2008, according to webcpa.com.
Doug Shulman, IRS commissioner, said the new provision will make it easier for small businesses to take advantage of tax benefits owing to them.
To qualify for the new provision, a business must have no greater than an average of $15m in gross receipts over a three-year period ending with the tax year of the net operating loss.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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