Deduction disallowance for fines and penalties and the corresponding reporting requirements

Bloomberg Tax

Author:

Hersh Verma
 

United States |  Publication |  January 2021

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Last week, the Internal Revenue Service released the long-awaited final regulations governing the deductibility of fines and similar penalties paid to governmental entities (and certain nongovernmental regulatory entities) under tax code Section 162(f). The regulations also address the corresponding information reporting requirements imposed on governmental entities pursuant to Section 6050X.

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Hersh Verma
Hersh Verma
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hersh.verma@nortonrosefulbright.com

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