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As part of the 2017 Tax Cuts and Jobs Act (Act), Congress enacted Internal Revenue Code (Code) section 6050X, which requires government agencies (and certain nongovernmental regulatory agencies...
As part of the 2017 Tax Cuts and Jobs Act (Act), Congress enacted Internal Revenue Code (Code) section 6050X, which requires government agencies (and certain nongovernmental regulatory...
2017 Tax Cuts and Jobs Act changed rules relating to when penalties/fines paid to or at the direction of a government agency can be deducted as a business expense.Certain payments to government agencies, such as the EEOC, as part of employment lawsuit settlements, are affected.To this end, Agencies will start issuing information returns, IRS Form 1098-F, to affected