Tuesday, July 17, 2012
A bill is working its way through the legislature which would repeal the ability of businesses to take Net Operating Loss deductions. This could be significant to many small businesses and start ups. The bill number is AB2408 by Assemblywoman Skinner. It passed Senate Governance and Finance July 2 on a 5 to 3 vote with one abstention
What this means is that a loss in a year could not be carried back to profitable years. Currently in California and US a business can carry forward a loss and carry back losses.
It seems to me that in these difficult times for small business this is not a time to be adding taxes to employers. What do you think.
Just a reminder to those of you that signed up for the webinar on the Affordable Care Act that it will be Wednesday from 12 to 1. We have 135 signed up for this so there a few openings still available. If interested contact me.