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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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What is the tax treatment when an employee reimburses the company

Resolved Question:

What is the tax treatment when an employee reimburses the company for moving expenses which were reported as income the prior year?
Submitted: 7 years ago.
Category: Tax
Expert:  MequonCPA replied 7 years ago.



In the year you make the repayment, you will either take a deduction for the repayment or be allowed a credit for the difference in tax for the year you reported the income. The credit is equal to the the difference in tax with and without the amount included in your income. See page 36 of IRS Publication 525 (link below).

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