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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

Music group Linkin Park issued a cease and desist letter to President Donald Trump after a campaign video of his featured their song "In the End" without their consent. "Linkin Park did not and does not endorse Trump, nor authorize his organization to use any of our music," the band said in a tweet. "A cease and desist has been issued." 346

More than a million chainsaws from Harbor Freight Tools are being recalled because the power switch can malfunction causing a serious injury hazard. According to the Consumer Product Safety Commission, even after the power switch is moved to the "off" position the chainsaws can continue to operate.Harbor Freight Tools has received 15 reports of chainsaws continuing to operate after being turned, resulting in three laceration injuries — including one serious injury to the arm requiring stitches.The recall includes two models of 14-inch chainsaws sold under three different brand names: 623

MILWAUKEE -- Social media is buzzing over a fiasco at a local restaurant involving Milwaukee Bucks superstar Giannis Antetokounmpo.After Giannis saved the day with a game-winning tip-in with five seconds to go in Sunday’s playoff game against the Boston Celtics – he was ready to celebrate with a victory dinner down the road from the BMO Harris Bradley Center at BelAir Cantina.  But apparently, the restaurant was too busy and did not have enough room to seat him. Patrons inside the restaurant got wind of this and were outraged -- and so was social media. Someone inside the restaurant tweeted a photo of Giannis waiting to be seated and it went viral. That tweet blew up -- getting hundreds of retweets and likes -- with people furious Giannis wasn't seated in a timely fashion. 821

NATIONAL CITY, Calif. (KGTV) -- Police are investigating after they say a 26-year-old was shot and killed, possibly after a previous fight at a different location, Tuesday afternoon in National City.Police say the shooting happened near a 7-Eleven on the 800 block of Eta Street around 11 a.m. Tuesday. Police blocked off the parking lot after the shooting.A clerk at the convenience store at the time of the shooting said she didn’t see any violence or hear any shots fired.RELATED: Person shot near National City 7-ElevenIn a report released Wednesday, police say the shooting may be related to a fight at Mex Mart on the 1700 block of South 43rd Street in San Diego.Police said they will continue investigating but couldn’t release any further details on the incident.Anyone with information is asked to call the National City Police Department at 619-336-4411.   884