The Impact of Recent Tax Law Changes on Consumer Protection Settlements
On January 14, 2021, the IRS promulgated final regulations in connection with the tax laws and reporting requirements found in 26 U.S. Code § 162(f) and 26 U.S. Code § 6050X which impact consumer protection settlements and state attorney general offices. These final regulations, found at 26 C.F.R. § 1.162-21 and 26 C.F.R. § 1.6050X-1,…
