Losses—Waste Not: ‘Carryback’ Refunds Could Boost Cash Flow

This may be the year for losses—catastrophic losses in some cases—but those shortfalls could include a silver lining. Specifically, the Coronavirus Aid, Relief and Economic Security (CARES) Act temporarily allows Net Operating Losses (NOLs) to be carried back to earlier tax years. That means you could qualify for a refund of taxes paid in earlier, more profitable years that could now provide your company with badly needed cash.

Just as many in the linen, uniform and facility services industry were focused on building their businesses, their world took a nosedive. The focus for many now is on survival. And, the ...

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