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B-332881 Jan 28, 2021 1 (2021-01-28)

handle is hein.gao/gaobaecpe0001 and id is 1 raw text is: O1O o U.S. GOVERNMENT ACCOUNTABILITY OFFICE A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Washington, DC 20548 B-332881 January 28, 2021 Chair Ranking Member Committee on Finance United States Senate The Honorable Richard Neal Chairman The Honorable Kevin Brady Republican Leader Committee on Ways and Means House of Representatives Subject: Department of the Treasury, Internal Revenue Service: Denial of Deduction for Certain Fines, Penalties, and Other Amounts; Related Information Reporting Requirements Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Internal Revenue Service (IRS) entitled Denial of Deduction for Certain Fines, Penalties, and Other Amounts; Related Information Reporting Requirements (RIN:1545-BO67). We received the rule on January 17, 2021. It was published in the Federal Register as final regulations on January 19, 2021. 86 Fed. Reg. 4970. The stated effective date of the rule is January 14, 2021. This final rule, according to IRS, provides guidance on section 162(f) of the Internal Revenue Code (Code), 26 U.S.C. § 162(f), as amended in 2017, concerning the deduction of certain fines, penalties, and other amounts. IRS stated that the rule also contains final regulations providing guidance relating to the information reporting requirements under new section 6050X of the Code, 26 U.S.C. § 6050X, with respect to those fines, penalties, and other amounts. According to IRS, the rule affects taxpayers that pay or incur amounts to, or at the direction of, governments, governmental entities or certain nongovernmental entities treated as governmental entities relating to the violation of any law or investigations or inquiries by such governments, governmental entities, or nongovernmental entities into the potential violation of any law. IRS stated that the rule also affects governments, governmental entities, and nongovernmental entities subject to the related reporting requirements. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). The 60-day delay in effective date can be waived, however, if the agency finds for good cause that delay is impracticable, unnecessary, or contrary to the public interest, and the agency incorporates a statement of the findings and its reasons in the rule issued. 5 U.S.C. § 808(2). The Department of the Treasury and IRS stated

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