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The American Recovery and Reinvestment Act of 2009, signed into law on Feb. 17, 2009 allows qualifying small business to choose a net operating loss (NOL) carryback period for certain losses of three to five years, instead of the usual two-year period. Selecting the right carryback period ensures tax benefits for the business, taking into account the carryback itself and its tax picture for the current and previous years.

Disclosure and Use of Taxpayer Information – New IRS regulations provide taxpayers with greater control over their personal tax return information. The Internal Revenue Code, Section 7216, Disclosure or Use of Tax Information by Preparers of Returns, became effective January 1, 2009. These regulations limit tax return preparers' use and disclosure of information obtained during the return preparation process.

Anti-abuse rules – Act Sec. 1211(c) gives IRS the authority to issue rules which are necessary to prevent the abuse of the purposes of Act Sec. 1211, including anti-stuffing rules, anti-churning rules (including rules relating to sale-leasebacks), and rules similar to the regulations under Code Sec. 1091 relating to losses from wash sales.