Under the American Recovery and Reinvestment Act of 2009, certain taxpayers can make an election to carry back a 2008 net operating loss for three, four or five years (instead of the usual two years). The deadlines to make this election are fast approaching.

For individuals, the deadline for this election is October 15, 2009. For calendar-year corporations, the deadline for this election is September 15, 2009.

Taxpayers with large losses in 2008 should consult with their tax advisors and consider whether this election will produce a larger refund. If so, they should be sure not to miss the deadline.