carryback

(redirected from Tax Loss Carrybacks)
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carryback

n. in taxation accounting, using a current tax year's deductions, business losses or credits to refigure and amend a previously filed tax return to reduce the tax liability. (See: carryover)

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Companies also can accelerate adjustments due to anticipated tax loss carrybacks. Form 1139, Corporation Application for Tentative Refund, can be used to carry back net operating losses to prior periods and can be a faster way for companies to get refunds based on their NOLs.