U.S. Chamber Comments on REG-104591-18: Denial of Deduction for Certain Fines, Penalties, and Other Amounts; Information with Respect to Certain Fines, Penalties, and Other Amounts

On July 9, 2020 the Chamber submitted these comments to the I.R.S. and Treasury on REG-104591-18 guidance on section 162(f) of the Internal Revenue Code (Code), as amended by legislation enacted in 2017, concerning the deduction of certain fines, penalties, and other amounts as well as proposed regulations that provide guidance relating to the information reporting requirements under new section 6050X of the Code with respect to those fines, penalties, and other amounts, as published in the Federal Register on May 23, 2020