Accounting Dictionary

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

Loss Carryback

Definition: A loss carryback is the offsetting of a current year loss against the reported taxable profit of previous years, resulting in a refund of taxes paid in prior years.