Recovery Act 101
With much debate, the Recovery Act of 2009 was passed by Congress to help pull the U.S. from the grips of a historic recession. There are many provisions in the new law that could help package printers in these difficult times.
Companies that report a net operating loss for 2008 will now be able to carry back this loss to five previous years versus the two years it had been. They can submit an amended tax return for any of these previous years and get a refund for taxes they may have paid during those years. This benefit targets smaller businesses with gross revenues of less than $15 million.
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