* Fully enclosed system that contains the wash waste fluid and
carry-back.
ARRA allowed small businesses to go back five years to claim net operating losses in tax years beginning or ending in 2008 and receive tax refunds The new law will allow all businesses, regardless of size, to use the five-year
carry-back period for losses incurred in 2008 or 2009.
The tax break on the verge of extinction is known as
carry-back, which allows savers to make a contribution to a pension but treat it for tax purposes as if the money had been paid in the previous tax year.
Making use of this
carry-back facility could mean saving a significant amount of tax as well as bringing a welcome boost to the pension pot.
PKF's Beverly Lavin said: ``It is particularly important that contributors get
carry-back elections right this year as many will be making large contributions with the intention of mopping up unused tax relief for earlier years.
172(b)) and AMT paid in prior years may be recoverable (unless an election to forgo the
carry-back is filed).
Those same companies often file amended returns or
carry-back claims and, on occasion, receive adjustments from the IRS.
ASGCO's newly enhanced Skalper series of conveyor belt pre-cleaners have solved
carry-back problems all over the world, according to the company.
Over 110,000 Australian companies are closer to benefitting from new tax breaks after legislation for a loss
carry-back initiative passed the House of Representatives last night, despite the Coalition refusing to support it.
Under the '
carry-back' rules, if were unlucky to have missed the deadline for the 2003-04 tax year, you can still invest in your personal pension for that year, provided that you do so by January 31, 2005.
And he urged the Chancellor to change the rules governing the '
carry-back' of corporate losses.
However, the tax relief that is still available is very attractive and
carry-back is a great opportunity to use them in full.
