Steptoe and Johnson LLP issued the following announcement on July 25.
Law360 quoted Eric Solomon in a June 25 article titled "Justices’ Microcaptive Ruling Chips at Tax Exceptionalism." The article discusses the US Supreme Court’s decision to allow captive insurance manager CIC Services to preemptively challenge an IRS notice requiring the disclosure of microcaptive transactions, eroding the idea that tax law is special and should be treated differently.
Solomon says that tax exceptionalism has a long history both within Congress and the executive branch, and the CIC Services decision is an example that shows this concept may be ebbing away.
"There has been a trend to say the IRS is not special," Solomon said to Law360. "IRS guidance is not special and the IRS does not have the discretion that it perhaps believed it had before or had before."
The full article can be read at Law360 (subscription required).
Original source can be found here.
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