At last week’s ABA May Tax Meeting, government attorneys from both the Internal Revenue Service National Office Income Tax & Accounting division (IT&A) and the Department of the Treasury provided updates to taxpayers and...more
Proposed IRS regulations clarify when fines and penalties are deductible but leave important issues unresolved. The U.S. Internal Revenue Service has released proposed regulations clarifying when fines, penalties, and...more
Tax Reform Slashes Deductions for Settlements Paid to Government Agencies for Violations and Investigations - IRS Requests Comments by May 18 - Businesses making payments to governments and governmental entities on or after...more
Effective immediately, a settlement agreement or a judgment with the government must set forth the specific amount of restitution, remediation of property, or monies paid to come into compliance with any law violated, for...more
U.S. tax reform will mean new rules for deducting fines, penalties, and other amounts, including disgorgement, paid to the Securities and Exchange Commission ("SEC"). Currently, Internal Revenue Code section 162(f)...more
The House and Senate Conference Committee version of The Tax Cut and Jobs Act, which is expected to become law, contains a proposed amendment to the Internal Revenue Code that would alter the tax treatment of payments made...more