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The Worker, Home Ownership and the Business Assistance Act of 2009

By Richard H. Stieglitz and Martin Arking

President Obama recently signed into law The Worker, Home Ownership and Business Assistance Act of 2009. This article addresses two significant provisions contained in the legislation ' the extension and expansion of the Net Operating Loss (NOL) Carryback rules, and the Homebuyer Credit ' which have broad implications that can benefit law firms and their clients, as well as individual attorneys and staff members and their families. This article also highlights some additional provisions affecting attorneys that relates to electronic filing requirements, S corporation and partnership penalties.

Net Operating Loss Carryback

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