IRS Prop. Reg.: ABA Tax Section Comments on Fines, Penalties After Tax Reform (IRC §162)

ABA Tax Section comments released September 23 on REG-104591-18 that would provide operational and definitional guidance concerning the application of tax code Section 162(f). Reporting under Section 6050X would apply to the appropriate official of a government or governmental entity or nongovernmental entity treated as a governmental entity that is a party to a suit, agreement, or otherwise to which Section 162(f) applies. ABA Tax Section recommends that the proposed regulations, when finalized: (1) remove the per se forfeiture or disgorgement presumption and replace it with a facts and circumstances test; (2) broaden the scope ...