Tax,
Criminal
Nov. 25, 2020
White collar crime tax deduction affects victims and prosecutors
The Tax Cuts and Jobs Act of 2017 codified a surprising tax deduction for some white collar criminal defendants — and a new obligation for prosecutors. Proposed Treasury regulations, issued in 2020, clarify and implement the TCJA.
Antonio R. Sarabia II
IP Business Law, Inc.
320 via Pasqual
Redondo Beach , California 90277
Email: asarabia2@gmail.com
John Palermo
Shareholder
Palermo, Kissinger and Associates P.C.
The Internal Revenue Code allows the deduction of business expenses, but it disallows the deduction of criminal fines and penalties, even those related to one's business. A trucking company cannot deduct parking fines and speeding citations, even if incurred during operation of its trucks for business purposes. The Tax Cuts and Jobs Act of 2017 codified a surprising tax deduction for some white collar criminal defendants -- and a new obligation for prosecutors. Propos...
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