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| *The Commerce Journal>>>Other Taxes |
Without going into too much detail here is my problem- in 2002 wages were paid when they shouldn't have been |
-did not find out that they should not have been paid until 2005 and was told you have to pay them back. In the process of doing that now- in the meantime wages were reported to the IRS and tax return for 2005 had to be adjusted and we owe taxes on the money. My question is if we have to pay the money back why do we have to pay taxes on it? Once we pay the money back do we get the taxes back? I will be calling employer and IRS tomorrow but I wanted to see what other had to say I would assume if you are paying it back in 2007 they should reduce your wages for 2007 by that amount. This will in turn reduce your taxes. Good Luck! |
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