U.S. Supreme Court overturns Chevron decision. What this means for income taxes

On June 28, the US Supreme Court, in the “Loper Bright” case,overruled an earlier U.S. Supreme Court decision that resulted in “theChevron doctrine”. For four decades, that doctrine required federal courts toaccept the federal agencies’ interpretations of ambiguous or broad statutes.The Chevron doctrine was a foundation of administrative law andafforded flexibility to successive U.S. presidential administrations to interpretstatutes via agency hearings and rulemaking. The Loper Bright decision willhave substantial impact on both regulated industries and agencies.

In this week’s Freedom Hour, Peymon will explain how much of animpact the overturning of the Chevron doctrine will have on the ability of theTreasury Department and the IRS to write self-serving rules and regulationsand interpret their own rules and regulations in agency hearings and TaxCourt.

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