Difference between a tax refund and a tax benefit


Question 1: How would you describe the difference between a tax refund and a tax benefit?

Question 2: What are the chances that a company will have 20 years of losses to actually use a loss carryforward (and still be in business)? How do accounting principles support holding an asset in the balance for this long?

Question 3: There are situations where using the carryforward (even when carryback is available) makes more sense. What role does anticipated or known future tax rates play in the decision?

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Accounting Basics: Difference between a tax refund and a tax benefit
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