<description>The IRS has issued a revised ruling on the use of a net operating loss under the new rules Congress added in February.  The new ruling, Revenue Ruling 2009-26, updates and liberalizes the guidance previously given in Revenue Ruling 2009-19 issued on March 16.  The new guidance allows taxpayers to simply file a carryback for the appropriate number of years to make the election, but there are special due date rules you have to worry about.&lt;br/&gt;&lt;br/&gt;The materials are at &lt;a href="http://www.edzollars.com/2009-05-04_NetOperatingLoss.pdf"&gt;http://www.edzollars.com/2009-05-04_NetOperatingLoss.pdf&lt;/a&gt;.&lt;br/&gt;&lt;br/&gt;The podcast is sponsored by Leimberg Information Services on the web at &lt;a href="http://www.leimbergservices.com"&gt;http://www.leimbergservices.com&lt;/a&gt;.&lt;br/&gt;&lt;br/&gt;&lt;br/&gt;</description>

Ed Zollars' Tax Update Podcast

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Net Operating Loss Guidance: Let's Try This One Again

MAY 3, 200921 MIN
Ed Zollars' Tax Update Podcast

Net Operating Loss Guidance: Let's Try This One Again

MAY 3, 200921 MIN

Description

The IRS has issued a revised ruling on the use of a net operating loss under the new rules Congress added in February.  The new ruling, Revenue Ruling 2009-26, updates and liberalizes the guidance previously given in Revenue Ruling 2009-19 issued on March 16.  The new guidance allows taxpayers to simply file a carryback for the appropriate number of years to make the election, but there are special due date rules you have to worry about.The materials are at http://www.edzollars.com/2009-05-04_NetOperatingLoss.pdf.The podcast is sponsored by Leimberg Information Services on the web at http://www.leimbergservices.com.