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Department of Accounts Payroll BulletinCalendar Year 2014 November 5, 2014, Volume 201414In This Issue of the Payroll Bulletin.... Reclassification of Taxable Income for Flex Reimbursement Card Payments
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Reclassification of taxable income is the process of changing the classification of income for tax purposes.
Any individual or entity that needs to adjust the classification of their income for tax purposes is required to file reclassification of taxable income.
To fill out reclassification of taxable income, you will need to provide information about the income that needs to be reclassified and the reason for the reclassification.
The purpose of reclassification of taxable income is to ensure that income is classified correctly for tax purposes, which can affect the amount of taxes owed.
You must report detailed information about the income that is being reclassified, including the amount, nature of the income, and the reason for reclassification.
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