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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

Myrtle Beach, South Carolina's police department is dealing with national scrutiny after police removed a man after he reportedly purchased a meal for homeless man inside of a McDonald's.The incident, which took place on Wednesday, was recorded on video, and has since gone viral, generating a national buzz. Nearly 40 million people have viewed the video in the 24 hours since it has been released. The incident happened after police were attempting to remove a man, who is reportedly homeless was eating a meal inside McDonald's. The man recording the incident claimed that he brought the man into the McDonald's and purchased him a meal."You guys suck... He didn't ask me for food, I saw him across the street and brought him over here for food," Yossi Gallo said. Gallo was then warned that he was being disorderly."I’m getting kicked out of here because I gave a homeless guy food,” Yossi Gallo said on the video he posted. Gallo and the homeless man were removed from the McDonald's by police. Police claim that the homeless man was asking people for money. A claim Gallo disputed. Myrtle Beach Police released a statement involving Wednesday's incident: Officers were dispatched to the location after receiving a call, from an employee of the business, that a male was in the parking lot asking people for money. Upon arriving at the restaurant, an employee approached the officer and indicated the male was inside the establishment. The employee requested the officer issue a trespassing warning and asked that the person leave the premises. The officer advised the male of the request made by the business and issued the warning. A bystander, who was videotaping the incident was also trespassed from the location, at the request of the manager, for what management deemed as disorderly behavior. 1858

Movie theaters are at risk and some predictions show up to 60% could close, according to the CEO of Studio Movie Grill, Brian Schultz.The big chains are facing obstacles like limited capacity, a lack of new movies, and a slow return by audiences.“The majority of our attendance is these private events we're doing where we rent out an auditorium for 0,” said Schultz.Schultz says revenue is around 20% of what it was last year.The theater chain has new sanitary procedures, increased air flow circulation, added filters, and a system to keep families together but socially distant.“Part of what makes going to a movie theater great is people laughing together, people crying together, reacting and being surprised,” said Schultz.Amy Southgate and her husband started hosting movie night in their driveway at the start of the pandemic. They recently moved it to a private theater.“We have a couple elderly neighbors and like to kind of check in on them and keep them involved since some of their regular activities were canceled during COVID, so it was just a good way to get all our neighbors and friends involved,” said Southgate.Theaters are renting out space where you can watch pretty much any movie, including the classics.“With the current pandemic situation, there isn’t a whole lot for folks to get excited about and look forward to, so this is something we can put on our calendars and get excited to come and do safely,” said Southgate.Theaters allowed private events before the pandemic. Now, they're more affordable.They're banking on a couple of big movies in November to help, including a James Bond film and Pixar’s movie "Soul." 1655

MURRIETA, Calif. (KGTV) – Cal Fire is working to knock down a large fire near Murrieta with a rapid rate of spread Wednesday afternoon. According to Cal Fire, the blaze dubbed the Tenaja Fire started around 4 p.m. near Tenaja Road and Clinton Keith Road. The Riverside County Fire Department reports that the fire is burning in an area with heavy fuels with a rapid rate of spread. As of 7:45 p.m. Wednesday night, Cal Fire said the blaze had so far scorched 250 acres and is 5 percent contained. Evacuations: Santa Rosa Plateau Visitor Center Mandatory evacuation order for all residences along The Trails Circle, in La CrestaWatch video from the scene of the fire in the player below: 695

MOUNT PLEASANT, Iowa (AP) — A prosecutor in the trial of an Iowa father whose infant son was found dead and maggot-infested in a baby swing last year has told a jury the child "died of diaper rash."Assistant Iowa Attorney General Coleman McAllister told jurors Tuesday that 4-month-old Sterling Koehn had been in the same diaper for nine to 14 days when his body was found in the swing Aug. 30, 2017, at his parents' Alta Vista apartment, the Courier reported .The baby's father, 29-year-old Zachary Paul Koehn, is charged with murder and child endangerment. The boy's mother, Cheyanne Harris, is also charged and faces a separate trial at a later date.McAllister said Tuesday in opening statements that the baby's heavily soiled diaper had attracted bugs that had laid eggs, which had hatched into maggots. The resulting diaper rash led to ruptured skin, and e.Coli bacteria set in."He died of diaper rash. That's right, diaper rash," McAllister said.A coroner's report showed the baby died of malnutrition, dehydration and the infection.In opening statements Tuesday, Koehn's attorney said the baby's death was a tragedy, but not a crime.McAllister denied the defense's claims, saying Koehn was an experienced parent. He noted that Koehn's 2-year-old daughter was also in the apartment and was healthy, and that Koehn had money to buy food and baby supplies. He stated Koehn was a drug user.Nurse and county rescue squad EMT Toni Friedrich testified Tuesday that she was the first to arrive at the apartment after Koehn called 911 to report the baby had died. Friedrich said Koehn showed no emotion when he led her to the dark, hot bedroom where the baby's body was.The baby's "eyes were open, and it was a blank stare," she said.Friedrich said when she touched the baby's chest, his clothing was crusty. When she moved his blanket, gnats flew up, she said.Koehn's trial was moved from Chickasaw County to Henry County to counter pretrial publicity. 1969

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