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Deloitte special report examines new tax relief for businesses
On Friday, President Obama signed into law a bill that includes significant tax relief for struggling companies. The provision temporarily allows all businesses with net operating losses (NOL) for 2008 or 2009 to carry back those losses for up to five years. NOL carryback allows businesses to offset one year's losses against another year's income and recover past tax payments, generating cash for the enterprise.
A special Deloitte report examines this and other tax provisions in the act and outlines what taxpayers should be doing to take advantage of the important planning opportunities the new law presents.
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