The U.S. Supreme Court building in Washington, D.C. Photo: Diego M. Radzinschi/ALM
Last week the U.S. Supreme Court handed down a unanimous decision that could help everyone —from tax advisors and the wealthy to low-income individuals and other taxpayers — fight IRS reporting requirements in court.
The court ruled 9-0 Monday, in CIC Services LLC v. IRS (19-930), that an IRS information reporting requirement for users and advisors of micro captive insurance arrangement is different from a tax, even though a taxpayer that violates the reporting requirement might have to pay a penalty.
