Finance & markets · 11/06/2020

Internal Revenue Service Corrects Guidance on Deduction of Certain Fines, Penalties, and Other Amounts

The IRS has corrected its guidance on the deduction of certain fines, penalties, and other amounts under Section 162(f) of the Internal Revenue Code, which was updated in 2017, following a notice of proposed rulemaking published in the Federal Register on May 13, 2020.