The U.S. IRS has announced proposed regulations under the Tax Cuts and Jobs Act (TCJA) that provide guidance to taxpayers and governments with respect to the disallowance of fines, penalties, and certain other amounts as a deduction. The proposed regulations were published in the Federal Register on 13 May 2020.
IRS provides guidance on the deductibility and reporting of certain amounts paid to, or at the direction of, governments
IR-2020-94, May 12, 2020
WASHINGTON — The Internal Revenue …