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October 2018 » Unexpected Inequities in an Environment...
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Linda Burilovich, PhD, CPA, and William LaGore, PhD, CPA
In BriefDeclining tax rates—such as those ushered in by the Tax Cuts and Jobs Act—can come with hidden consequences. Taxpayers who are required to return income in a year with a lower tax rate than which it was initially reported will effectively be taxed on income that they do not retain. The deduction or credit available under IRC section 1341 can correct this inequity, but only if certain elements are present in the repayment. The authors detail the application of section 1341 and the necessary requirements.
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