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Section 1341 Credit: Definition, Purpose, and How It Works - Investopedia
https://www.investopedia.com/terms/s/section-1341-credit.asp
WEBAug 6, 2022 · The Section 1341 Credit is a federal tax credit available for U.S. taxpayers who reported income in a previous year but had to repay the income because it was paid in error in the first place....
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What is the IRC 1341 repayment credit in layman's terms? - Intuit
https://ttlc.intuit.com/community/taxes/discussion/what-is-the-irc-1341-repayment-credit-in-layman-s-terms/00/31751
WEBMay 31, 2019 · 1 Best answer. GeoffreyG. New Member. Dear traceyrhering: Internal Revenue Code (IRC) Section 1341 repayment credit is one of the two options that a taxpayer has (the other being a tax deduction) when the taxpayer is faced with a situation known as a Claim of Right.
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26 U.S. Code § 1341 - LII / Legal Information Institute
https://www.law.cornell.edu/uscode/text/26/1341
WEB26 U.S. Code § 1341 - Computation of tax where taxpayer restores substantial amount held under claim of right. U.S. Code. Notes. prev | next. (a) General rule If— (1) an item was included in gross income for a prior taxable year (or years) because it appeared that the taxpayer had an unrestricted right to such item; (2)
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Sec. 1341: What is the claim-of-right doctrine? - The Tax Adviser
https://www.thetaxadviser.com/issues/2019/jul/sec-1341-claim-of-right-doctrine.html
WEBJul 1, 2019 · The application of Sec. 1341 provides an alternative computation of tax that attempts to place the taxpayer in roughly the same economic position it would have been in had it not included the item as gross income in the earlier year. For Sec. 1341 to …
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What Is the Section 1341 Credit? - The Balance
https://www.thebalancemoney.com/what-is-the-section-1341-credit-5218443
WEBUpdated on April 29, 2022. Reviewed by Eric Estevez. Photo: staticnak1983/ Getty Images. Definition. The Section 1341 credit allows taxpayers to recoup any tax they might have paid on income, typically wages, that had to be returned to …
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KPMG report: Potential tax benefits under section 1341
https://kpmg.com/us/en/home/insights/2022/05/tnf-kpmg-report-potential-benefits-section-1341.html
WEBMay 18, 2022. Download pdf (256.9 KB) Section 1341 is intended to mitigate the adverse effects resulting from the annual accounting concept for deductions allowed in lower tax-rate years upon a repayment of income received and recognized under a claim of right in a past higher tax-rate year.
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Sec. 1341. Computation Of Tax Where Taxpayer Restores …
https://irc.bloombergtax.com/public/uscode/doc/irc/section_1341
WEB§ 1341. Sec. 1341. Computation Of Tax Where Taxpayer Restores Substantial Amount Held Under Claim Of Right. I.R.C. § 1341 (a) General Rule — If— I.R.C. § 1341 (a) (1) — an item was included in gross income for a prior taxable year (or years) because it appeared that the taxpayer had an unrestricted right to such item; I.R.C. § 1341 (a) (2) —
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The Claim-of-Right Doctrine And Section 1341 - Tax Blog
https://www.taxconnections.com/taxblog/the-claim-of-right-doctrine-and-section-1341/
WEBNotably, the TCJA increased the importance of Section 1341, a provision designed to mitigate inequities created by the claim-of-right doctrine. What is the Claim-of-Right Doctrine? Fundamentally, the claim-of-right doctrine is a rule that governs the timing of income recognition.
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Section 1341 Clarified - Journal of Accountancy
https://www.journalofaccountancy.com/issues/2005/mar/section1341clarified.html
WEBSection 1341 Clarified. A s a result of unforeseen circumstances, taxpayers may discover they must repay an amount previously collected and included in income. If the tax rates or other items have changed from those that existed in the year the income was reported, the current deduction for the repayment may not completely offset the taxes paid ...
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1341 - U.S. Code Title 26. Internal Revenue Code - FindLaw
https://codes.findlaw.com/us/title-26-internal-revenue-code/26-usc-sect-1341/
WEBJan 1, 2024 · Internal Revenue Code § 1341. Computation of tax where taxpayer restores substantial amount held under claim of right Current as of January 01, 2024 | Updated by FindLaw Staff
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