Overview
Andrew Roberson said about new IRS guidance on the economic substance doctrine that “one has to wonder why the Service chose to issue the guidance in this form” rather than as proposed regulations. “Regulations and notices are generally afforded different levels of deference,” he continued, and agencies must “provide the public with notice and opportunity before engaging in substantive rulemaking, and the law regarding the force and effect of agency pronouncements that do not go through such a process is unsettled.”