Word: refundable
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...current losses and use those credits to lower their bill when they return to profitability. If companies have more tax credits than profits, they are allowed to carry those credits forward for up to 20 years or until they are used up. (See 10 ways to spend your tax refund...
Congress is moving to make those tax losses even more valuable. Typically, when a company loses money, it can apply for a refund of the taxes it has paid on profits over the past two years. However, Congress is moving closer to extending the so-called tax loss carryback provision to five years, instead of two. Senate majority leader Harry Reid recently threw his support behind the extension of the tax refund, adding it to a bill that would extend unemployment benefits. On Nov. 2, the Senate voted to close debate on the bill, which means a final vote...
...have lived in their home for at least five years. The Senate is near a vote on its version, which includes an extension and expansion of the credit, and the House could quickly accept the Senate version once it is passed. (See 10 ways to spend your tax refund...
...close a $26 billion hole. State workers are - yet again - being told to stay home. The National Park Service is threatening to take back parks it gave to California should the state try to save money by closing them. Taxpayers are getting IOUs in the mail instead of refund checks since there's no cash to pay them what they're owed. You can now buy the IOUs on eBay...
...Friday afternoon, AEG had not responded to queries regarding its insurance coverage. "We're dealing with a tragedy. We have no comment on that," an unnamed company spokesman told the Los Angeles Times. And as for refunds, AEG announced that ticket refund informaion would be released early next week...