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Fines › Section 162(f)

Kramer Levin Naftalis & Frankel LLP

New Treasury Regulations Address Disallowance of Deductions for Fines, Penalties and Other Amounts

Kramer Levin Naftalis & Frankel LLP on

On May 12, the Department of the Treasury (Treasury) and the Internal Revenue Service (the Service) issued proposed regulations (REG-104591-18) that address the disallowance of deductions for amounts paid or incurred for...more

Foley & Lardner LLP

New Tax Law Changes Deductibility of Government Settlement Payments in False Claims Act, SEC, FINRA, and Other Types of Cases

Foley & Lardner LLP on

The new tax law changed the deductibility of settlements with government agencies in some circumstances thereby increasing the cost to companies to settle these cases. The deduction arose from the section in the Internal...more

Troutman Pepper

The IRS and Courts Weigh in on the Deductibility of Fines and Penalties - Tax Update, Volume 2016, Issue 3

Troutman Pepper on

Taxpayers who make payments in conjunction with a forfeiture action should attempt to understand the characterization of a payment to see if the specific payment can avoid being treated as a fine or penalty. Originally...more

Morgan Lewis

IRS Announces Fines Paid to FINRA Are Not Deductible

Morgan Lewis on

Fines pertaining to violations of federal securities laws and certain FINRA rules may not be deducted. The Internal Revenue Service (IRS) in low-level advice recently announced its position that certain fines paid to...more

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