Less than two weeks ago the Supreme Court overturned the Chevron Doctrine – a decades-old legal doctrine that threatens to upend an array of federal rules. In Inc. Magazine, Baker Tilly’s James Creech shares insights on how this decision could impact the release of IRS guidance and other tax implications for small businesses. Read more: https://bit.ly/3Lfuefp #IRS #Tax #Chevron
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Great points made below - from an international tax perspective, this immediately calls into question the most recent Farhy ruling could result in a higher/equivalent Court issuing an alternate ruling. From a practitioner perspective - Chevron being overturned creates much more viable grounds to challenge Service actions/interpretations of Congressional authority grants. Hazards of litigation - a historic Service rationale for settling penalties for fractions of initial assessment - have just become greater. Practitioners should be even more aggressive where there are viable/legitimate grounds to challenge Service interpretations of Congressional grants.
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Today, the Supreme Court in a 6-3 decision overturned what is known as the Chevron doctrine. This is a significant victory for those who favor limiting the authority of regulatory agencies such as the IRS from interpreting laws passed by Congress. The decision will likely significantly affect the IRS's authority to interpret tax laws. Tax pros may face more uncertainty when advising clients since IRS interpretations that were previously accepted by the courts may now be open to challenge.
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The TaxProf: Weisbach: An APA For Tax: David A. Weisbach (Chicago; Google Scholar), An APA For Tax: Recent Supreme Court cases threaten to upend the administrative law applicable to the tax system. Loper Bright eliminates Chevron deference. Ohio v. EPA heightens the scrutiny given to regulatory preambles. And Corner Post effectively eliminates the statute of limitations for... http://dlvr.it/TBt5JQ @SoCalTaxProf #Tax #Policy #Law
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The TaxProf: Weisbach: An APA For Tax: David A. Weisbach (Chicago; Google Scholar), An APA For Tax: Recent Supreme Court cases threaten to upend the administrative law applicable to the tax system. Loper Bright eliminates Chevron deference. Ohio v. EPA heightens the scrutiny given to regulatory preambles. And Corner Post effectively eliminates the statute of limitations for... http://dlvr.it/TBt5JJ @SoCalTaxProf #Tax #Policy #Law
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Tax Controversy lawyers Michelle Levin and Carneil Wilson discuss the U.S. Supreme Court’s decision to overturn the Chevron deference and its impact on tax law in the Law360 Expert Analysis series published on July 9, 2024. The article explores the decision's likely influence on agency rulemaking and what guidance the IRS may or may not issue to taxpayers. Click here to access the article: https://lnkd.in/ezv4NtHh #IRS #taxcontroversy #taxlaw #taxlitigation #chevron
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Lack of transparency from state taxing agencies and how it relates to judicial deference were topics at the #ABA/#IPT Advanced #Tax seminars. Partner Steve Young spoke to Law360 on what might change when #SCOTUS issues decisions later this term, saying, “If the Supreme Court overturns Chevron deference at the federal level, that's going to have impacts for how states review and think about the concept as well." Subscribers read here: https://lnkd.in/gz3_EcYX #StateTax #TaxRegulation #ChevronDoctrine
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The TaxProf: Ring & Oei: The Conflictual Core Of Global Tax Cooperation: Diane M. Ring (Boston College; Google Scholar) & Shu-Yi Oei (Duke; Google Scholar), The Conflictual Core of Global Tax Cooperation: It is widely argued that the world is in a new and distinctive era of global tax cooperation, as evidenced by the launch of a sweeping multilateral tax reform project... http://dlvr.it/TB1ww1 @SoCalTaxProf #Tax #Policy #Law
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The TaxProf: Ring & Oei: The Conflictual Core Of Global Tax Cooperation: Diane M. Ring (Boston College; Google Scholar) & Shu-Yi Oei (Duke; Google Scholar), The Conflictual Core of Global Tax Cooperation: It is widely argued that the world is in a new and distinctive era of global tax cooperation, as evidenced by the launch of a sweeping multilateral tax reform project... http://dlvr.it/TB1ww3 @SoCalTaxProf #Tax #Policy #Law
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The TaxProf: Ring & Oei: The Conflictual Core Of Global Tax Cooperation: Diane M. Ring (Boston College; Google Scholar) & Shu-Yi Oei (Duke; Google Scholar), The Conflictual Core of Global Tax Cooperation: It is widely argued that the world is in a new and distinctive era of global tax cooperation, as evidenced by the launch of a sweeping multilateral tax reform project... http://dlvr.it/TB1wvx @SoCalTaxProf #Tax #Policy #Law
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After getting off to a rocky start, the IRS and Chevron’s 13-year relationship has come to an end! Read our thoughts on how this will impact tax rules and controversy going forward!
Tax Controversy lawyers Michelle Levin and Carneil Wilson discuss the U.S. Supreme Court’s decision to overturn the Chevron deference and its impact on tax law in the Law360 Expert Analysis series published on July 9, 2024. The article explores the decision's likely influence on agency rulemaking and what guidance the IRS may or may not issue to taxpayers. Click here to access the article: https://lnkd.in/ezv4NtHh #IRS #taxcontroversy #taxlaw #taxlitigation #chevron
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The TaxProf: Justice, Third-Party Funding, And Tax Treaty Arbitration: Kun Chol Kim (Ernst & Young; Google Scholar), Justice, Third-Party Funding, and Tax Treaty Arbitration, 33 Ind. Int'l & Comp. L. Rev. 39 (2023): Resolving tax treaty disputes and improving dispute resolution mechanisms for tax treaty disputes have been important topics for international tax for decades, but it has not... http://dlvr.it/T7t3wc @SoCalTaxProf #Tax #Policy #Law
