Most taxpayers normally know when and how much income they have earned. In certain cases, a taxpayer has to give back to the original payor an amount it previously reported as income (for example, a ...

As 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 ...

In the recent case of Heiting v. United States, the Seventh Circuit Court of Appeals denied the taxpayer’s claim-of-right deduction pursuant to Internal Revenue Code section 1341. The case stemmed ...