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27 March 2018

IRS issues transitional guidance under Sections 162(f) and 6050X with respect to certain fines, penalties, and other amounts

The IRS on March 27, 2018, issued Notice 2018-23, which is attached.

This notice provides transitional guidance for compliance with Section 162(f) as amended and new Section 6050X and requests suggestions for the proposed regulations.

Section 162(f), amended on December 22, 2017, and Section 6050X, added on December 22, 2017, provide rules for deducting and reporting fines, penalties, and other amounts.

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Contact Information
For additional information concerning this Alert, please contact:
 
Washington Council Ernst & Young
   • Any member of the group, at (202) 293-7474.

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ATTACHMENT

Notice 2018–23

Document ID: 2018-0679

 

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