TaxEsqBlog -by Ronald J. Cappuccio, J.D., LL.M.(Tax)

Net Operating Loss Carryovers for Individuals The American Recovery and Reinvestment Act of 2009 (ARRA) provides   individual taxpayers potential net operating loss (NOL)  deductions. The IRS has provided opinions stating the ARRA  applies to individual s. An “Eligible Small Business” can elect to carry back a 2008 NOL for  up to five years. The IRS has broadly interpreted the definition of such businesses. Call Ronald J. Cappuccio, J.D., LL.M.(Tax) at (856) 665-2121 if you need some guidance on the NOL changes.

The "Section 125 cafeteria plan" has become a popular way to offer fringe benefits in the workplace on a pre-tax basis. Essentially, an employee is able to pick and choose the benefits desired. The employer only has to pay for those benefits that the employee actually chooses. Both parties save on taxes so it's usually a win-win situation. The IRS recently issued new guidance for companies with these plans, which clarifies many issues. Click Here for the full story.