T.D. 9946: Final Regulations Addressing the Deductibility of Fines and Penalties Issued (Jan. 13, 2021)

The IRS has released final regulations that address the changes made to Code Sec. 162(f) by the Tax Cuts and Jobs Act. These regulations finalize the proposed regulations released last May. The final regulations also provide guidance relating to the information reporting requirements for fines and penalties under Code Sec. 6050X.

To see T.D. 9946 issuing final regs, click here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s