Business Owner Asks Court to Delay Transition Tax Enforcement

May 15, 2020, 6:13 PM

A federal court should delay the enforcement against small businesses of regulations on repatriation of foreign profits until the IRS and Treasury Department have complied with procedural requirements, according to a new court filing.

Monte Silver and his company, Monte Silver Ltd., made that argument in a memorandum supporting their motion for summary judgment, both filed on Friday at the U.S. District Court for the District of Columbia.

The lawsuit centers on whether federal officials followed the proper procedures when issuing regulations implementing tax code Section 965. The section, created by the 2017 tax law, requires ...

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