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The Worker, Homeownership, and Business Assistance Act of 2009 was signed into law on November 6, 2009. The new law extended and modified the first-time homebuyer tax credit. In addition, the law allows businesses with net operating losses (NOLs) for 2008 or 2009 to carry back those losses for up to five years.

This article outlines some of the tax provisions in the new legislation and discusses the issues that taxpayers should consider before taking advantage of tax planning opportunities it presents. More

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