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Accounting for a Loss Carryback
12-31-2013, 04:44 AM
Post: #1
Accounting for a Loss Carryback
Can anyone help me with what Journal Entries would be required for dealing with a refund received from the Government, due to a corporate loss being carried back 3 years.
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01-23-2014, 04:53 AM
Post: #2
RE: Accounting for a Loss Carryback
Journal Entry:

Dr.Cash
Cr. Income Tax Recovered/Other Income

Regards,
Madan CA
http://www.madanca.com
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02-18-2015, 02:11 AM
Post: #3
RE: Accounting for a Loss Carryback
Please feel free to post any other questions regarding accounting/tax. Will be glad to assist.

Sincerely,
Madan CA
http://www.madanca.com
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07-09-2015, 09:24 AM
Post: #4
RE: Accounting for a Loss Carryback
The credit could also be to Income Tax Refund Receivable on the balance sheet.
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07-17-2015, 01:42 AM
Post: #5
RE: Accounting for a Loss Carryback
My accountant may help you as once even i was in same situation !

http://www.shoichet.com/

Joseph Shoichet Consulting

The leading bookkeeping service in Toronto
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01-09-2017, 12:48 PM
Post: #6
RE: Accounting for a Loss Carryback
I would say it decreases income tax expense (provision for income tax) in the current year. There was income and income tax expense (provision for income tax) three years ago which is now being 'reversed' in the current year due to loss carry back. There would be no "income tax receivable" balance on the balance sheet from three years ago, as the corporation was payable three years ago, and paid that payable (hence the refund in the current year). Unless the accountant or bookkeeper put an adjusting entry in the current year to account for this receivable. But then, I don't think Tweetie would be asking this question.\

Have a Happy Day!
Naomi
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