carryback

(redirected from tax loss 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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The tax loss carryback provision is a morsel of the roughly $145-billion economic stimulus plan being negotiated by the administration and Congress, which would include rebates of several hundred dollars for individuals and couples, and so-called bonus depreciation to allow companies to deduct 50 percent of business investments they make this year.
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.