On Tuesday, February 17, President Obama signed the American Recovery and Reinvestment Act of 2009 (ARRA). This nearly $800 billion bill allocates approximately 65% to spending and investments and 35% to tax cuts.
WHAT DOES THIS MEAN FOR YOU? IT MEANS CASH BACK FROM UNCLE SAM!
The American Recovery and Reinvestment Act of 2009 allows property and business owners to carry back NOL’S for 5 years plus the current tax year. How would you like to go back to 2003, 2004, 2005, 2006 and 2007 and get back money you paid the IRS towards your tax bill during those years? With the new legislation that was just signed into law, it is now possible to CARRYBACK NET OPERATING LOSSES to past profits made in the last 6 years. If you own commercial real estate or made major improvements to the building beginning in 2008 or ending in 2009 you can create a paper loss by creating accelerating depreciation, through a CORE Cost Segregation Study, that you can carry back to the last 6 years and possibly receive a refund check.
For further information on how your business can benefit from the Stimulus Package go to our website at www.coresolutionsgroup.net/stimulus-package-tax-credits.
Or give us a call at (248)-519-2417 and we will provide a free consultation on how to sort through and identify areas of tax savings opportunity within the recently passed IRS Stimulus / Bail out package. You have nothing to lose, and potentially alot to gain!
