Last Monday, the Supreme Court handed down its ruling in a little known case that nonetheless will have a significant impact on an Internal Revenue Service (IRS) which has grown increasingly dismissive of the rules and procedures it’s meant to follow. The case, CIC Services v. Internal Revenue Service, didn’t make headline news but dealt overzealous tax collectors a unanimous loss before the highest court in the land.
The case concerned reporting requirements imposed by the IRS underNotice 2016-66, concerning certain insurance transactions. These reporting requirements were substantial, threatening to add to the massive economic cost of complying with the tax code already faced by taxpayers.
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