IRS Regulations, Loper Bright, and Private Letter Rulings with Joshua Smeltzer

The Essential Tax Podcast with Mishkin Santa, Episode 19 In this episode of The Essential Tax Podcast, Mishkin Santa is joined by Joshua Smeltzer, Tax and Corporate Lawyer at Gray Reed. Gray Reed is a law firm with over 150 attorneys, with a tax controversy and tax litigation practice led by Joshua. They represent clients throughout the U.S., focusing on complex tax issues. Tune in for these key takeaways:  * Loper Bright and the Chevron Doctrine – A detailed breakdown of how the Supreme Court's decision in Loper Bright impacts agency deference, especially the IRS, and why it changes the tax litigation landscape.  * Administrative Procedures Act – How the APA influences tax guidance and how recent challenges, such as in the digital asset space, highlight the IRS's need to follow formal procedures.  * Private Letter Rulings (PLRs) – A comprehensive look into the purpose, costs, and risks of seeking a PLR, including why they may or may not be the best strategy for a taxpayer.  * Tax Controversy Strategy – The importance of understanding IRS processes and leveraging litigation hazards in negotiations for favorable outcomes.  * Future Tax Changes – Insight into the implications of the TCJA sunset and how upcoming tax reforms may need to address the complexities brought to light by cases like Loper Bright. Learn more about Joshua Smeltzer:  * Connect with Joshua on LinkedIn: https://www.linkedin.com/in/joshua-smeltzer-bb07714/  * Follow Gray  Reed on LinkedIn: https://www.linkedin.com/company/grayreed  * Visit Joshua’s profile on Gray Reed’s Website: https://www.grayreed.com/Our-People/Joshua-D-Smeltzer   * Follow Joshua on X: https://x.com/jdsmeltzer Additional Resources:   * Corporate Tax Blog, Dollars & Sense - https://dollarsandsense.grayreed.com  * Blog post, “Gray Reed Partners Submit Comments on Proposed Treasury Regulations” - https://dollarsandsense.grayreed.com/2024/08/gray-reed-partners-submit-comments-on-proposed-treasury-regulations  * Loper Bright Supreme Court Case - https://www.supremecourt.gov/opinions/23pdf/22-451_7m58.pdf  * Chevron Deference - https://www.law.cornell.edu/wex/chevron_deference  * Skidmore Deference - https://www.law.cornell.edu/supremecourt/text/323/134  * Administrative Procedures Act - https://www.law.cornell.edu/wex/administrative_procedure_act  * Stop Corporate Capture Act - https://www.congress.gov/bill/118th-congress/house-bill/1507  * IRS Private Letter Ruling - https://www.irs.gov/faqs/irs-procedures/code-revenue-procedures-regulations-letter-rulings/code-revenue-procedures-regulations-letter-rulings  * Maryland Private Letter Ruling - https://marylandtaxes.gov/legal-pubs/tech-bulletins/misc/tb-44.pdf *********************************** About The Essential Tax Podcast: In each episode of The Essential Tax Podcast, Mishkin Santa takes on the complex world of tax — all the jargon, acronyms, and stuff that make your eyes glaze over, and explains it in an impactful way to understand the complex and unknown areas. Watch or listen to more episodes of The Essential Tax Podcast:  * https://www.youtube.com/@TheWolfGroupPC  * Apple: https://podcasts.apple.com/us/podcast/the-essential-tax-podcast/id1754660944  * Spotify: https://open.spotify.com/show/2beZfOpwfBlBgWHlNelAOf Connect and learn more from your host, Mishkin Santa:  * Connect with Mishkin on LinkedIn: https://www.linkedin.com/in/msanta  * Follow The Wolf Group, P.C. on LinkedIn: https://www.linkedin.com/company/the-wolf-group-pc  * Read Mishkin’s bio on Wolf Group, P.C.’s website: https://thewolfgroup.com/our-people/mishkin-santa