Criminal,
Tax
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
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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