The Dodd-Frank law empowers regulators to force executives and directors to return compensation in cases of financial wrongdoing, even if they had no knowledge of the errors, writes tax attorney Robert Wood. The penalties raise a number of tax questions, especially if clawbacks are applied to payments from previous years. Tax options for executives and directors subject to clawbacks include business-expense deductions, amending tax returns from previous years, and salary or bonus offsets.

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