Tax Changes for Businesses and Individuals in the Worker, Homeownership, and Business Assistance Act of 2009

On November 6, 2009, President Obama signed the “Worker, Homeownership, and Business Assistance Act of 2009” (the “Act”). The Act contains many important tax changes for business and individuals, including liberalized rules for net operating losses and toughened penalties for partnerships and S corporations. The following is a summary of the key tax provisions in the Act.