carryback


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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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Richwood refers to the system as belt and splice friendly, as the R2000 rubber blades allow mechanical splices to pass by while debris and carryback are stopped.
Operators concerned with the amount of moisture remaining on the belt have the option of adding a squeegee roller, which has proven to effectively address wet carryback.
This recomputation did not result in any additional tax assessment for 1945, but it reduced the NOL carryback available for 1946.
IRS procedures require that a manual refund be issued in any case where the NOL carryback is more than $1 million or whenever the 45-day deadline is imminent or has expired.
The Greens' 2008 taxable income before the $25,000 NOL carryback is given in Exhibit 5.
Any loss not absorbed in the carryback period can be carried forward up to 20 years.
Lengthen the Net Operating Loss Carryback Period to Five Years
Randy Paschke, chairman of the accounting department at Wayne State University in Detroit, said investment banks' write-offs from mortgage-related losses are so large, "they probably wouldn't get all their taxes back with just a two-year carryback.
As explained in more detail in the June 2002 issue, NOLs arising in tax years ending in 2001 or 2002 can be carried back five years, rather than the normal two- or three- year carryback period.
Carrying back a NOL generally results in a refund of federal income tax for the carryback year while a carryforward of an NOL reduces the tax bill in the carryforward year.
6 million of taxes paid in prior years due to the recent enactment of House Bill 3548, which includes an extension of the tax net operating loss (NOL) carryback period from two to five years.
According to Martin Engineering, operators who have installed the system have drastically reduced dust and spillage from carryback, leading to a safer workplace and longer belt life with considerably less downtime.