Carry-Back


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Carry-Back

The name given to the method provided under federal tax law that allows a taxpayer to apply net operating losses incurred during one year to the recomputation of Income Tax owed to the government for three preceding taxable years.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
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* Fully enclosed system that contains the wash waste fluid and carry-back.
ARRA allowed small businesses to go back five years to claim net operating losses in tax years beginning or ending in 2008 and receive tax refunds The new law will allow all businesses, regardless of size, to use the five-year carry-back period for losses incurred in 2008 or 2009.
The tax break on the verge of extinction is known as carry-back, which allows savers to make a contribution to a pension but treat it for tax purposes as if the money had been paid in the previous tax year.
Making use of this carry-back facility could mean saving a significant amount of tax as well as bringing a welcome boost to the pension pot.
PKF's Beverly Lavin said: ``It is particularly important that contributors get carry-back elections right this year as many will be making large contributions with the intention of mopping up unused tax relief for earlier years.
172(b)) and AMT paid in prior years may be recoverable (unless an election to forgo the carry-back is filed).
Those same companies often file amended returns or carry-back claims and, on occasion, receive adjustments from the IRS.
ASGCO's newly enhanced Skalper series of conveyor belt pre-cleaners have solved carry-back problems all over the world, according to the company.
Under the 'carry-back' rules, if were unlucky to have missed the deadline for the 2003-04 tax year, you can still invest in your personal pension for that year, provided that you do so by January 31, 2005.
And he urged the Chancellor to change the rules governing the 'carry-back' of corporate losses.
However, the tax relief that is still available is very attractive and carry-back is a great opportunity to use them in full.