While stimulus checks and forgivable loans have received a lot of attention during the COVID-19 shutdown, businesses and individuals should not overlook other available relief provisions that could help them reduce taxes and improve cash flow. Several of these measures could enable a taxpayer to file amended federal tax returns to recover taxes paid in previous years and request a refund. (more…)
California NOLs Are Back and Better than Ever
Good news for California taxpayers – for taxable years beginning on or after January 1, 2012, California has reinstated the Net Operating Loss (NOL) deduction and the NOL carryover deduction. There is no longer a limitation on the taxpayer’s taxable income for which NOL is available…