The Worker, Homeownership, and Business Assistance Act (WHBAA) of 2009, signed into law by President Barack Obama in November 2009, expands the 2008 Net Operating Loss (NOL) carryback rules previously enacted in the ARRA. The WHBAA now allows ANY business to elect to carry back an eligible NOL for up to five years (3, 4 [...]
Read the story »Organizations that meet the requirements of Internal Revenue Code section 501(c)(3) are exempt from federal income tax as charitable organizations. In addition, contributions made to charitable organizations by individuals and corporations are deductible under Code section 170.
Every exempt charitable organization is classified as either a public charity or a private foundation. Generally, organizations that are [...]
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