How far back can a small business carryback 2009 NOL?

No, it is still 5 years. I don't know whether you can elect 1, 2, 3,

4, or 5 years or whether it has to be 5 years. The previous law allowed carryback only if your revenue was less than $5 million or $15 million (not sure which, think it had to be less than $15 million over 3 years), but the new allows allow the carryback for all companies. Though it looks like under the new law, the carryback loss is limited to 50% of income in the carryback year -- which I read in For 2010, we're back to the usual laws -- 2 year carryback.

Since tax rates are gonna rise in the future, maybe a carryforward is better if you can afford it. Then again, does the IRS pay interest if you do a carryback?

Also, what about state returns? Do they allow a 2 year carryback only?

in

No state refund because I was paying the "Minimum" state tax -- so I would have to pay that tax even if Ithere is no profit.