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Tax refund deadline looming for money-losing practices
American Medical News , 09/09/09
Elliott VS – A temporary Internal Revenue Service rule change made under the American Recovery and Reinvestment Act of 2009 may help medical practices – but physicians will have to act quickly to get it. The change, which is for this year only, allows small businesses, including physician practices, to carry any net operating loss from 2008 back as far as to 2003, as long as the business was profitable in previous years. Normally losses can only be taken back for two years. The deadline to take advantage of the rule change, however, is soon.
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