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Millions of small businesses are fighting off permanent closures, looking for every possible penny to help them stay afloat amid the pandemic. However, there is a little-known CARES Act rule that could net small businesses tens of thousands of dollars in just a few weeks, and it helps keep more people employed.Back in March, when Congress passed the CARES Act, most of the focus for businesses was on the billions of dollars allotted for Paycheck Protection Program (PPP) forgivable loans. Congress also included a temporary tax rule, at the same time, for businesses.“If you had a loss in 2018, 2019, or 2020, any of those years, you could carry it back up to five years to generate refunds,” said Chris Catarino, a CPA with the firm Drucker & Scaccetti in Philadelphia.Catarino explained that under the new rule, businesses can generate a tax refund by applying 2020 losses to taxes paid over the past five years, essentially making the tax burden in past years less, netting them the refund.Losses for 2020, though, can only be filed after Dec 31, 2020. However, the temporary rule also applies to 2019 and 2018. So, if a business had losses over those two years, they could carry back those losses to their respective five-year period and possibly generate a refund.Businesses can start filing for a refund on 2018 and 2019 losses now. Catarino explained they would have to file an amended return or 1045 form.“The 1045 is generally quicker,” said Catarino “The IRS is required to respond and process those within 90 days.”The tax refund, under the temporary net operating loss rule, could mean tens of thousands of much-needed dollars for some businesses. However, Catarino pointed out that the biggest refunds would be for businesses with the largest “swing” from the prior years.For example, take a business that did extremely well in 2019. It likely paid a high tax bill that year. Then, this year, it had a significant loss of business. That business could get most of the money it paid in taxes the year prior, possibly even all the money it paid but nothing more than was paid in taxes. The same principle applies to 2018 and 2019.“The idea that they could recoup some taxes that they already paid in the past, today, could really be significant,” said Todd McCracken with the National Small Business Association. “It could mean the difference between keeping your doors open or not.”Although the temporary tax benefit could save some businesses, there is concern that the businesses that may need it the most may not be aware of it.“It is the smallest companies that don’t know, that tend to deal with their taxes once a year,” said McCracken. "They don’t have an ongoing relationship with a CPA. They go have their taxes prepared in the spring and find out, ‘Wow, I could’ve had this benefit all along.’ Next spring, of course, could be too late.”It could be too late for many businesses, especially if another round of coronavirus-related closures occurs and a second stimulus package isn’t passed soon. 3031

Multiple media outlets are reporting that an alleged carjacking suspect opened fire before exiting a police wagon in Chicago, injuring three police officers. The suspect was also injured.The Chicago Sun-Times said the alleged offender was being transported in a police wagon and began firing on officers when the doors of the wagon were opened.ABC7 reports one officer was shot in the neck, a second officer was shot in the hip, and the third officer was struck in his protective vest and was uninjured.Two officers complained of chest pain during the shooting and were taken to the hospital, ABC7 reported.The suspect was injured and was taken to an area hospital, NBC Chicago reported.NBC Chicago reported the suspect was being arrested for alleged carjacking before the shooting occurred. 799

NASA could make history on Tuesday as their spacecraft, OSIRIS-REx, will attempt to land on an ancient asteroid 200 million miles away from Earth.OSIRIS-REx launched in 2016. It arrived at the asteroid, named Bennu, in 2018 and it’s been mapping out the surface working to pick the best location to land ever since.The mission’s operations are headquartered at the University of Arizona.The mission will begin at 2:50 p.m. Arizona time on Tuesday. At 3:12 p.m., OSIRIS-REx will finally touch down on Bennu and collect a sample before heading back to Earth. Dr. Lori Glaze with NASA tells ABC15 the sample will allow researchers to study the ancient secrets of our solar system. She says Bennu also has a 1-in-2,700 chance of impacting Earth in about 150 years or so, so this mission can help researchers work to prevent that.“Helping us refine and reduce the uncertainties on Bennu’s orbit so we can better predict more precisely not only when it might intercept with Earth, but what the probability of that intersection is,” Dr. Glaze said. “So the mission's been critically important for refining Bennu’s orbit so we can help protect ourselves in the future.”Watch a live stream of the event in the player below. 1222

More than 100 people are believed dead Friday after a Cubana de Aviacion Boeing 737-200 crashed on takeoff from Havana's Jose Marti International Airport, according to Cuba's state-run media.Three female passengers were in critical condition after surviving the crash into thick vegetation just miles from the runway, the state-run newspaper Granma reported.Flight DMJ 0972, with at least 104 people on board, was headed to the eastern Cuban city of Holguin when it plummeted into in an agricultural area in the Santiago de las Vegas neighborhood at 12:08 p.m., according to Granma.Orestes Bentancour, who lives near the crash site, told CNN that he was drawn out of his home by the "enormous noise" the plane made on takeoff. He said the plane appeared to swerve to one side and revved its engines before crashing.Five crew members on board were Mexican nationals, according to Mexico's Civil Aviation Authority.The nearly 30-year-old Boeing 737-200 was owned by the Mexican airline Damojh and leased to Cubana de Aviacion, the Civil Aviation Authority said in a statement. The charter flight "suffered a failure" and crashed about six miles from the airport.Search and rescue personnel descended on the area -- with some residents helping -- as firefighters tried to extinguish the flames, according to photos and video from the scene.The Granma report included a photo from an airport terminal of a towering plume of black smoke rising in the distance.A large fireball followed by a plume of smoke was visible near the airport on the outskirts of Havana, according to witnesses.Cuban President Miguel Diaz-Canel was at the scene of the accident, the newspaper reported.Diaz-Canel later offered his condolences to the victims' families and told reporters the cause of the crash was under investigation.The fire at the crash site had been extinguished and no one on the ground was injured, he said.Mexican President Enrique Pena Nieto offered his condolences via Twitter.Holguin is more than 700 km (about 435 miles) east of the Cuban capital. Cuban state media originally reported the flight was bound for Guyana.Cubana de Aviacion -- the national carrier -- has had to ground some of its aging fleet because of safety issues, though the cause of Friday's crash is unknown.In November 2010, a domestic passenger plane with 61 passengers and 7 crew members crashed in central Cuba, according to state media.The Aerocaribbean flight, carrying 28 foreign passengers and 40 Cubans, was traveling from the eastern province of Santiago de Cuba to Havana.The-CNN-Wire 2570

MISSION VALLEY, Calif. (KGTV) - About 100 military family members spent Thanksgiving at Dave and Busters, hosted by Lincoln Military Housing.The event was for families with service members currently deployed.Families enjoyed a full Thanksgiving meal and even got free game tokens to enjoy the arcade. 308