Defeat for iRS on Notice 2016-66
25 - 03 - 2022
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In this GCP Explainer episode, Richard is joined by three legal and captive experts from the United States to discuss the 21st March judgement from the District Court of Eastern Tennessee striking down the Internal Revenue Service’s controversial Notice 2016-66. The Court ruled that the Notice did not comply with the Administrative Procedure Act and labelled it “arbitrary” and “capricious”.
Explaining what the ruling says, what it means in practical terms for captive owners who make the 831(b)tax election, their captive managers and advisors and the strategy of the IRS in scrutinising these captive structures are Kevin Doherty, a member of Dickinson Wright’s law practice in Nashville, Cassie Bachman, Managing Director of Operations & Legal at Elevate Risk Solutions, and Gary Osborne, vice president at Risk Partners.
You can listen to our previous GCP Explainer, released in May 2021, focused on CIC Services' previous victory against the Supreme Court concerning Notice 2016-66 here.