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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

National walkout protests are planned at schools across the country on Wednesday in support of students affected by the Parkland, Florida school shooting.Students, teachers, parents and others associated with schools are participating to push for legislation that aims to protect public places from gun violence.The walkout is organized by Women's March Youth EMPOWER, and the group is calling for those who support the effort to walk out of schools for 17 minutes at 10 a.m. in each time zone. Seventeen is the number of people killed at Marjory Stoneman Douglas High School in Parkland on Feb. 14, 2018.Nikolas Cruz, 19, confessed to the killings; he used an AR-15 assault rifle to shoot people in the school. Several others were wounded."We are not safe at school. We are not safe in our cities and towns. Congress must take meaningful action to keep us safe and pass federal gun reform legislation that address the public health crisis of gun violence," the Women's March Youth EMPOWER website reads. "We want Congress to pay attention and take note: many of us will vote this November and many others will join in 2020."Join us in saying #ENOUGH!," the website says.Students have rights, though schools may discipline 1250

NASHVILLE, Tenn. — The Tennessee community came together Friday to make sure an unclaimed veteran would not be forgotten. Large crowds turned out on a rainy morning to pay their respects to Leo Stokley, of Murfreesboro, Tennessee. He died Sunday at the Waters of Cheatham in Ashland City. He was 69 years old.Stokley served in the United States Marine Corps and did a tour of duty in Vietnam.After his passing, he had no family to attend his funeral. That’s when the community stepped in to make sure he wouldn't be buried alone. Hundreds of veterans and their friends and family showed up to show respect for Stokley.The push for help started among veterans groups on social media and was quickly shared during the week before the funeral."It's very heartwarming to see this many veterans and friends of veterans that show up here on a cold, rainy day, a weekday, to send him off in style. I'm proud for that. I'm proud for these guys that did that." said Bob Counter, an Air Force veteran.He was laid to rest at the Middle Tennessee Veterans Cemetery in Nashville.  1100

NATIONAL CITY (CNS) - Authorities today identified a motorcyclist who was killed in a collision at a South Bay intersection.Andrew Balderas, 21, of San Ysidro, was riding a Yamaha motorcycle eastbound in the 100 block of Mile of Cars Way just before 7 a.m. Thursday when a Toyota minivan made a left turn directly into his path at Transportation Avenue, according to the San Diego County Medical Examiner's Office.Balderas, who was wearing a helmet, struck the minivan and was ejected onto the roadway, according to a Medical Examiner's Office statement.An off-duty emergency medical technician arrived shortly after the collision, called 911 and began performing CPR on Balderas, the Medical Examiner's Office said. When paramedics arrived, Balderas was unresponsive and had no pulse. He was transported to UCSD Medical Center in Hillcrest, but doctors were unable to revive him.The minivan driver remained at the scene and cooperated with investigators, National City police Sgt. Jeffrey Meeks said.Intoxication was not believed to have been a factor in the collision, Meeks said. 1090

Nearly 15,000 jobs are at stake as General Motors has announced it may be closing as many as five factories.The company said it will close the Detroit-Hamtramck Assembly Plant in Detroit and Warren Transmission Operations in Warren. Other plans closing include the Oshawa Assembly Plant in Oshawa, Ontario, the Lordstown Assembly in Warren, Ohio and the Baltimore Operations in White Marsh, Maryland, WXYZ television station reports.The moves are the first big steps in the century-old GM's transformation. It is closing facilities and reinvesting money away from cars that once dominated roadways and to technology that the company believes will power its future."These actions will increase the long-term profit and cash generation potential of the company and improve resilience through the cycle," CEO Mary Barra said.GM is preparing for the next economic downturn and potential tariffs on auto imports. It will reduce its salaried workforce by 15 percent, including a quarter of the company's executives.A plant in Canada that is closing will eliminate 2,500 jobs. The Canada plant set to close as part of the global restructuring is in Oshawa, Ontario, where it has been open since 1953. The private sector union Unifor said it has been informed there is no product allocated for the plant past December 2019.The union will meet with GM leaders later today.The company's plant closures have been expected due to struggling automobile sales. Layoffs in the United States will affect factory and white-collar workers, The Washington Post reports. 1588