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At the May 2012 American Bar Association, Tax Section Meeting in Washington, D.C., IRS Chief Counsel William Wilkins commented (paywall link) on how the recent decision in Home Concrete will affect future regulatory interpretation of statutes. Wilkins argued that Supreme Court opinion pre-Chevron must be taken as removing all statutory ambiguity and thus leaving no…

In early May, the Georgia Legislature renewed and expanded its commitment to bringing innovation home. HB 868 , signed into law on May 3, 2012, contained a number of job-enhancing credits, including an amendment to the State research and development credit. The Georgia R&D credit contains a particularly favorable provision that allows a taxpayer to…

In comments during an American Law Institute webcast (program available online) on recently promulgated Cost-Sharing Agreement (CSA) regulations under Section 482 (transfer pricing), the IRS announced its belief that the new regulations displace longstanding case law in the area. The IRS representative stated that, under the Supreme Court’s Mayo decision, the CSA regulations trump the…

On April 25, 2012, the Supreme Court issued its decision in U.S. v. Home Concrete & Supply, LLC, et al, ruling against the IRS on the question of whether a basis overstatement could trigger the 6 year statute of limitations on assessment. IRC § 6501(a) requires that the IRS assess tax within three years of…

On April 10th, the U.S. District Court for the District of Columbia vacated an IRS notice (Notice 2006-50) that set out procedures for refunds of certain illegally-collected telephone service excise taxes. An IRS Notice normally provides public guidance on the position of the Service on specific questions. More substantive guidance is often contained in Revenue…

The Treasury Department has issued T.D. 9570, effective for tax years ending on or after 12/31/11, promulgating final regulations relating to preparer due diligence requirements in determining taxpayer eligibility for the earned income credit. The final regulations mark the IRS’ latest attempt to improve compliance with credit rules which have long been a hot-button issue…