carry back

(redirected from carryback)
Also found in: Thesaurus, Medical, Legal, Financial, Encyclopedia.
Related to carryback: Carryback loan

carry back

vb
(Accounting & Book-keeping) (tr, adverb) to apply (a legally permitted credit, esp an operating loss) to the taxable income of previous years in order to ease the overall tax burden
n
(Accounting & Book-keeping) an amount carried back
ThesaurusAntonymsRelated WordsSynonymsLegend:
Verb1.carry back - deduct a loss or an unused credit from taxable income for a prior period
deduct, subtract, take off - make a subtraction; "subtract this amount from my paycheck"
Translations

w>carry back

vt sep (fig) personzurückversetzen (→ to in +acc)
References in periodicals archive ?
In the audits of 2007 to 2012 including the impact of a loss carryback to 2005, the IRS has proposed to tax in the United States profits earned from certain parts transactions by CSARL, based on the IRS examination team's application of the "substance-over-form" or "assignment-of-income" judicial doctrines.
These systems are used to control or eliminate the problems associated with coal spillage and carryback.
Martin Engineering introduced a secondary cleaning system that removes nearly all of the carryback left on a belt, including adhesive materials and fines lodged in surface divots and valleys.
Superior Industries offers a new solution for removing carryback material from the return side of a conveyor belt system--the Urathon Beater Roll.
California now incorporates the federal provisions that allow corporations expecting an NOL carryback to extend the time for payment of taxes for the preceding taxable year.
6511(d)(2) further prescribes that in the case of an NOL or capital loss carryback, the statute of limitation to claim a refund is three years from the fifing date of the return that originates the carryback claim.
TIGTA's audit of a sample of 2010 individual returns showed that 19% of NOL carryback tax abatements were not processed within 45 days.
Believing that his business would improve markedly in 2010, John elected to forgo any carryback of this loss.
13, the Internal Revenue Service (IRS) released a statement to remind business owners that the fall filing deadline to take advantage of the expanded business loss carryback option is getting close.
Tax breaks of particular interest to company owners address use of the net operating loss (NOL) carryback, the Section 179 depreciation election, estimated tax payments, and green credits.
Lengthen the carryback period for net operating losses to five years without a reduction in the amount of the losses to be carried back.
It would be the second time in recent history that the government has amended this accounting tool, known as a "tax loss carryback," to stimulate the economy in the face of a recession.