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

AICPA comments released January 12 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. [AICPA Letter Re: Proposed Regulations Under Sections 162(f) and 6050(X) with Respect to Certain Fines, Penalties and Other Amounts [REG – 104591-18] (Dec. 17, 2020)]

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