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Domestic Manufacturers Probably Over-claimed Tax Deductions

Accounting Today

The IRS does not have enough controls in place to make sure U.S. manufacturers are properly claiming the Domestic Production Activities Deduction on their tax returns, according to a new report. The report, from the Treasury Inspector General for Tax Administration, identified 2,829 companies that filed returns for 2013 potentially overclaiming the DPAD by more than $27 million. The tax deduction dates back to a 2004 law known as the American Jobs Creation Act.