The US Supreme Court abandonment of a legal doctrine empowering federal regulators is triggering many in the tax industry to rethink how they advise clients.
The high court overturned the Chevron doctrine, which said that federal courts should defer to reasonable agency interpretations of vague laws, in Loper Bright Enterprises v. Raimondo on June 28.
The 6-3 ruling followed conservatives’ calls to completely do away with the principle, arguing it gave federal agencies too much power. Liberals argued Chevron allowed agencies with technical expertise to fill in the gaps in laws.
It’s too early to say what the decision means ...
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