Loper Bright Upends Judicial Deference: Implications for the IRS, Treasury, and Taxpayers

Summary

On June 28, 2024, the U.S. Supreme Court decided Loper Bright Enterprises v. Raimondo and Relentless, Inc. v. Department of Commerce, which ended the era of judicial deference to agencies' interpretations of federal law, as expressed in formal rules and regulations. The decision will have far-reaching impacts on all federal agencies, including the US Department of the Treasury and Internal Revenue Service, as well as for taxpayers.