Daily Tax Report ®

IRS Could Lose Big on Tax Rules After SCOTUS Grilling (Podcast)

Dec. 4, 2020, 9:46 AM

The Supreme Court this week heard its biggest tax case of this term and, based on how the oral argument went, the IRS could be headed for a significant loss.

On this episode of our weekly podcast, Talking Tax, host Jeffrey Leon talks to Bloomberg Tax reporter Aysha Bagchi, who is covering the case, CIC Services v. IRS. She says some of the justices made comments suggesting they were inclined to rule against the IRS and thereby limit its ability to avoid judicial review of a reporting requirement before a taxpayer has violated the requirement and been given a penalty. Some experts argue that could make it a lot harder for the IRS to go after tax shelters, while others say it would help ensure that such requirements are legally valid.

To contact the reporter on this story: David Schultz in Washington at dschultz@bloombergindustry.com

To contact the editors responsible for this story: Rachael Daigle at rdaigle@bloombergindustry.com; Kathy Larsen at klarsen@bloombergtax.com

To read more articles log in. To learn more about a subscription click here.