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Supreme Court Rules That IRS Will Have to Hustle If It Wants to Bust Tax Shelters

Aspiring wolf packs will want to take note: 

The justices, voting 5-4, said the IRS has only three years to challenge so-called Son-of-BOSS tax shelters. Lower courts had disagreed on the question, with some saying the IRS had up to six years. Justice Stephen Breyer wrote for the court that the case is governed by a 1958 high court decision that interpreted “identical” language in an earlier version of the law. “It would be difficult, perhaps impossible, to give the same language here a different interpretation without effectively overruling” that decision, Breyer wrote. The tax agency had said the extra three years are crucial because of the complex, hard-to-detect nature of the disputed shelters.

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