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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
MURRIETA, Calif. (KGTV) - A gas company worker died and 15 people were injured Monday after a home exploded and caught fire in Murrieta, officials said. The explosion happened just after noon in a residential area of the Riverside County city near the intersection of Clinton Keith Road and Smith Ranch. Murrieta Fire crews went to the home on Wooden Horse Trail about 11 a.m. due to a report of a ruptured gas line and a gas leak, said Murrieta deputy fire Chief David Lantzer.The explosion happened just after noon, sending 15 people to the hospital. One SoCal Gas worker died."We are incredibly saddened that we have a loss of one of our employees today," said SoCal Gas public information officer Randon Lane.Firefighters fought flames for about two hours after the blast. The area was closed to residents, Murrieta Police reported. 844

Nearly 2,000 people were confirmed to have died of complications from COVID-19 on Wednesday, according to a database kept by Johns Hopkins University. That's the most number of recorded deaths in a single day since early May.According to Johns Hopkins, there were 1,848 COVID-19 deaths recorded on Wednesday, the most deaths recorded in a single day since May 7, when 1,925 deaths were recorded. At that point in the pandemic, deaths linked to the virus were finally beginning to tick down after a wave of silent and uncontrolled spread in March and April.According to the COVID Tracking Project, the U.S. has been averaging about 1,200 deaths per day for the last week — a figure that has continued to rise since late October. The uptick in deaths per day has surpassed a spike in the summer months when the virus began to spread in some southern and western states. The COVID Tracking Project also reports that hospitalizations linked to the virus continued to be at their highest point at any point during the pandemic. The group reports that on Wednesday, more than 79,000 people across the country were in the hospital with the virus. The group also reports that 71% of hospitalizations across the country have occurred in the Midwest and South. Many rural hospitals in those regions are currently overwhelmed or at capacity. COVID-19 continues to spread at a frightening pace throughout the country. On Wednesday, more than 170,00 people were diagnosed with the virus, the second-most number of cases recorded in a single day. The record came last Friday when more than 177,000 cases were reported.In the month of November alone, more than 2.4 million Americans are confirmed to have contracted the virus.Throughout the pandemic, 11.5 million people in the U.S. have contracted COVID-19 and more than 250,000 have died — the most of any country throughout the world. 1889
NATIONAL CITY, Calif. (KGTV) — Police arrested a 28-year-old Texas resident Thursday in connection with a motel fire and stabbing several days earlier.Police said Jeremiah Dayvon King was arrested after a woman was found stabbed several times outside of a burning motel room just before 3 a.m. Sunday. The fire occurred at the Roadway Inn Motel in the 600 block of Roosevelt Ave. Several guests pulled an unconscious woman from the woman and tried to put out the flames before police arrived. The woman was taken to a nearby hospital with burns and multiple stab wounds. She was in stable condition on Thursday.Thursday, King was seen walking in the 300 block of Oxford Street in Chula Vista, when he was approached by officers and fled. Officers were able to detain King, who has been booked into county jail and charged with attempted homicide and arson, police said.Anyone with information is asked to call the National City Police Department’s Investigation Division at 619-336-4411. 995
NATIONAL CITY, Calif. (KGTV) -- The family of a man who died in police custody more than a year ago says a citizen review board supports their belief that law enforcement played a role in their loved one's death. 221
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