TIME TO LOOK BACK – a Carryback for Cash
During these financially challenging times, many of us are looking forward to days of normalcy. But Wegmann Dazet’s Frank Holzenthal says maybe you should be looking back! That’s correct; in fact, the CARES Act allows you the opportunity to get some much needed cash in your pocket by carrying back any business or individual net operating losses suffered during 2018 or 2019 to five preceding years. For example, if you sustained a loss in 2018, you can carry that loss back to 5 years, to the years 2013-2017, starting with the earliest year that had taxable income. This carryback can reduce or eliminate income taxes paid in those years. Guidance has recently been released by the IRS. Wegmann Dazet can help with how to convert recent losses into cash.
Want to learn more about this window of opportunity to cash in on this new carryback tax break? Give us a call. We are here to help you make it through this COVID-19 storm any way we can.