Righting Wrongs: IRS Guidance on Deducting Fines, Penalties (1)

All eyes are on the CARES Act these days, which means that it’s easy to forget about the Tax Cuts and Jobs Act. But the TCJA, which was signed into law on Dec. 22, 2017, was the most sweeping tax legislation since the Tax Reform Act of 1986.

The TCJA changes are so broad that the Internal Revenue Service has been updating tax forms and issuing guidance almost constantly ever since.

Just the other day the IRS issued more proposed regulations, this set offering guidance to taxpayers and governments concerning fines, penalties, and other amounts paid in certain legal ...