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IRS Says Fines Paid to FINRA Aren't Tax-Deductible

By Jack Newsham ( June 7, 2016, 4:56 PM EDT) -- Securities lawbreakers fined by the finance industry's self-regulatory body can't write those amounts off their taxes, the Internal Revenue Service said in a memo finding that the Financial Industry Regulatory Authority, a privately incorporated trade group, is an "agency or instrumentality" of the federal government for tax purposes....

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