NOL Carrybacks.

The IRS reminded taxpayers to act soon to claim the special carryback of net operating losses (NOLs) available under the American Recovery and Reinvestment Act of 2009 (P.L. 111-5) (IR-2009-79). The deadline was September 15, 2009, for eligible small businesses and is October 15, 2009, for individuals to carry back an NOL back five years instead of the usual two-year period.