July 6, 2020
Industry Backs IRS Plan Allowing Penalty Deductions But Fears State Limits
Industry attorneys are largely welcoming a long-awaited IRS plan allowing companies to deduct from their federal taxes fines and penalties paid to the government under consent decrees, such as those resolving health, safety, and environmental enforcement actions. But they also note that the proposed rule does not address whether fines paid to state or local governments can be similarly deducted, while also warning the plan may be overly ambitious in requiring government agencies to report to the IRS all settlements...
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