KPMG report: IRS rewards credit card banks with earlier deductions

Type
:
Opportunity
Tax Area
:
Corporate Income Tax
Status
:
Guidance
Qualification
:
Various
Implemented date
:
NA
Country
:
United States
Date added
1 Jul
,
2024
Docxster’s Summary

The IRS has announced that credit card banks will be able to claim deductions earlier than usual. This is a result of the new tax law that was passed in 2017. The change will allow credit card banks to claim deductions on rewards they give to customers, which was previously not allowed.

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Source :
KPMG
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