IRS accelerates refund process for SMEs
New provision will make obtaining tax refunds easier for US small businesses
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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