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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

MILWAUKEE -- If forcing a decisive Game 7 was the main victory for the Milwaukee Bucks at the BMO Harris Bradley Center Thursday night, mascot Bango's antics were certainly the "icing on the cake."During a timeout, Bango appeared with a fan in the crowd who was celebrating his birthday. The appearance was quickly derailed, however, by a braggadocious fan wearing a Boston Celtics t-shirt.  404

NASHVILLE, Tenn. (AP) — "Voice" co-stars Blake Shelton and Gwen Stefani went from competing reality show judges to engaged to be married. The country star and the pop star announced their engagement Tuesday on social media. "Hey, Gwen Stefani thanks for saving my 2020... And the rest of my life. I love you. I heard a YES!" Blake captioned the picture on his Twitter account. 384

NATIONAL CITY, Calif. (KGTV) -- A mother of three shown in a video being detained by Customs and Border Protection agents was released Tuesday on her own recognizance.Shortly after 9 p.m. Perla Morales-Luna and her daughters shared a tearful reunion. A judge said that Morales-Luna, 36, isn’t a danger to society or a flight risk. During the family's reunion, she did say "Thank you" to the press but had no further comment. The video showing Luna’s detention made rounds on social media earlier in March. The video shows Luna being arrested by agents in National City.RELATED: Video of border agents' arrest of mom in National City sparks outrageLuna’s daughters can be heard screaming in the background of the video as their mother is placed into the back of a Border Patrol vehicle.In response to the video, authorities said Luna was detained due to accusations that she runs a criminal smuggling organization in East County.Authorities added that Luna is in the U.S. illegally and is expected to be deported. The case will now go before federal court in San Diego.*This is a developing story. 10News will have the latest tonight on 10News at 11 p.m.  1177

MIRAMAR, Calif. (KGTV) - The F-35C landed in Miramar Tuesday, the first of it's kind for the Department of Defense, according to officials at Marine Corps Air Station Miramar.UPDATE: Officials later clarified the F-35C arriving at Miramar was the first for the Marine Corps.There are three versions of the F-35 Lightning II. The F-35C is the "carrier version", the largest of it's kind and able to land on an aircraft carrier's runway.The fighter jet is the most advanced in the military, "everything you look at is displayed in the helmet, I mean it's like in the movies," Squadron Commander Lt. Col. Cedar Hinton, USMC said.Hinton is the newest commander of the Black Knight Squadron at MCAS Miramar, who will inherit the incoming F-35Cs."This is an exciting time in the Black Knight history. This squadron was stood up in WWII like a lot of squadrons, this particular squadron's able to break a lot of milestones." He mentioned milestones that started in the 1950's with the F-9F Panther. That was the "Navy’s first successful carrier-based jet fighter" and landed with the Black Knights at Miramar. Then in the 1960's the squadron was the first in the Marine Corps to fly the F-4B Phantom.In the 1980's they were the first to fly the F/A-18.The F-35 got it's first test in combat in 2018, deploying to Afghanistan, and then in Iraq a year later."They've had some pretty good success with it, I mean it does what we paid for it to do," Lt. Col. Hinton said.It's record isn't pristine. The jet faced scrutiny when it suffered mechanical failures during development. In 2018, an F-35 crashed in South Carolina."I mean single engine airplane, but this engine is by far probably the most advance engine ever built... That engine is more reliable than two engines on an F-18 I'd say," Lt. Col. Hinton said.Miramar has been waiting for this moment since they retired the F/A-18 Hornet last June.Miramar will get another F-35C next week, and a third in March. The plan states the air station will get 75 jets over the next 10 years."We've got to start working the systems, we have to start integrating it with our software," Hinton said there's a lot of work to do to get the squadron up and running. He said they are working with a Naval squadron based in Lemoore. 2269

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