Whether your small or large business, according to the television…YOU’RE FAILING. You’ve written a letter to Santa…but you’re still looking at beans and cornbread for breakfast tomorrow. Money is SQUEAKY tight! Well, the IRS has a workshop reality to pump real-time adrenaline in the veins of your business…buying you time! Maybe you would rather do the “Survivor Challenge” and eat worms than face doing taxes this year? “Well hold the worms Bucky!” If your business lost more than it gained, the Net Operating Loss Carryover Law Program (NOLCP) law can help you eat steak again! With the NOLCP law the taxes you paid five years back can be paid BACK TO YOU in a lump sum refund! If you don’t want to get a refund going back, you can use the loss to offset any taxes you owe for up to twenty years!
Who Gets the Lollipop?
If your business makes under $15 million per year…you get the big “lollipop” and can take tax refund for up to five years prior with the option of taking a credit forward for up to 20 years! So it should be called a carry-backwards and a carry-forward…the choice YOURS! And Even if you’re making over $15 million you can still go back two years. If you choose refund the I.R.S. guarantees payment within 45 days…but there is a small catch. Due to the nature of the beast these filings and this program will be looked at very carefully! The Net Operating Loss Carryover Law Program should be filed for by April this year, but with the Feds nothing is set in stone. So take heart, there likely is a form or…two hundred of them, to get the ball rolling for you.
