Challenging the IRS … and Winning for Treasury & Risk
The Risk & Treasury article “Challenging the IRS … and Winning” by Sean King discusses the case of CIC Services, which took on the IRS and won in a landmark Supreme Court decision. CIC Services challenged the validity of IRS Notice 2016-66, which required certain taxpayers to disclose information about captive insurance transactions, and the failure to disclose could lead to unappealable fines of up to $50,000. The court ruled in favor of CIC Services, finding that the notice had not been properly issued under the Administrative Procedure Act. The decision had far-reaching implications, as it established a precedent for challenging the validity of other IRS regulations. The article discusses the impact of the decision on recent court cases and its positive impact on taxpayers. Continue Reading