look-back method
| 02:17 Mar 24, 2014 |
| English to Spanish translations [PRO] Bus/Financial - Law: Taxation & Customs / US TAX RETURN FORMAT | |||||||
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Reference comments
5 mins |
| Reference: Findings only Reference information: What is the look-back rule? The look-back calculation is a calculation of additional interest that needs to be paid to (or refunded by) the IRS on taxes paid on contract revenue that has been recognized in prior years using the percentage of completion method. The look-back calculation, which applies to completed long-term contracts (contracts open more than 12 months), compares the percentage of gross profit that was recognized in prior years to the actual gross profit percentage once the job has been completed. The calculation determines whether or not the gross profit for that particular job was over- or under-reported in prior years based on job cost estimates at the time of the tax reporting. http://blumshapiro.com/kbarticle/a-look-at-the-look-back-cal... -------------------------------------------------- Note added at 13 mins (2014-03-24 02:30:48 GMT) -------------------------------------------------- In my humble opinion you could use retroactive :-) -------------------------------------------------- Note added at 53 mins (2014-03-24 03:10:25 GMT) -------------------------------------------------- oops retroactivO |
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