Discussion:AZ NOL carryback conformity
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| Revision as of 22:59, 10 June 2009 Boburnscpa (Talk | contribs) (New Discussion) ← Previous diff |
Current revision TTMM (Talk | contribs) (Not yet. Go to w) |
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| {{ForumNewPost|UserID=Boburnscpa|Date=10 June 2009|Text=Are there any tax professionals in AZ that can tell me if AZ has conformed to the new tax law passed in February 2009 allowing the election to carryback 2008 small business loss to as any one five years prior?}} | {{ForumNewPost|UserID=Boburnscpa|Date=10 June 2009|Text=Are there any tax professionals in AZ that can tell me if AZ has conformed to the new tax law passed in February 2009 allowing the election to carryback 2008 small business loss to as any one five years prior?}} | ||
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| + | {{ForumReplyPost|UserID=TTMM|Date=11 June 2009|Text=Not yet. Go to www.azleg.gov. There is legislation but it only makes conforming changes up until 1-1-09. Keep up with SB1019, HB2082, and SB1185. They will have to do something as the AZ NOL is the NOL within the meaning of section 172(c) of the internal revenue code. And "For purposes of computing income tax pursuant to this title, for taxable years beginning from and after December 31, 2007, "internal revenue code" means the United States internal revenue code of 1986, as amended, in effect on January 1, 2008," So they will have to decide what to do. In years past AZ NOL only went forward. No carryback. They may decide to go back to that. | ||
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| + | AZ needs money badly. So I wouldn't hold my breath. | ||
| + | }} | ||
Current revision
Discussion Forum Index --> Advanced Tax Questions --> AZ NOL carryback conformity
Discussion Forum Index --> Tax Questions --> AZ NOL carryback conformity
Boburnscpa (talk|edits) said: | 10 June 2009 |
| Are there any tax professionals in AZ that can tell me if AZ has conformed to the new tax law passed in February 2009 allowing the election to carryback 2008 small business loss to as any one five years prior? | |
| 11 June 2009 | |
| Not yet. Go to www.azleg.gov. There is legislation but it only makes conforming changes up until 1-1-09. Keep up with SB1019, HB2082, and SB1185. They will have to do something as the AZ NOL is the NOL within the meaning of section 172(c) of the internal revenue code. And "For purposes of computing income tax pursuant to this title, for taxable years beginning from and after December 31, 2007, "internal revenue code" means the United States internal revenue code of 1986, as amended, in effect on January 1, 2008," So they will have to decide what to do. In years past AZ NOL only went forward. No carryback. They may decide to go back to that.
AZ needs money badly. So I wouldn't hold my breath. | |
