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Taxpayers face unexpected bills under new tax rules
The 1876 tax changes retroactively tax sick pay and overseas income to January 1. They delay two tax breaks until 1977 filings in 1978. The shift raises revenue for deficits but may trigger penalties if 80 percent of the tax is not prepaid. The Treasury notes affect millions, with most abroad workers affected by lower foreign income exclusions.
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Uncle Sammon
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TRS