Overview
On November 4, 2022, Bloomberg quoted Eric Solomon in a piece titled "IRS Says It Can't Rely on Notice Requirement as Legally Binding." The article discusses a recent IRS legal opinion in which revealed that taxpayers do not have to pay a penalty for inadequate disclosure because IRS guidance requiring the disclosure is not legally binding.
Solomon said the "IRS's opinion is consistent with a 2019 policy statement that agency guidance issued at a level below that of regulation doesn’t have the force and effect of law… the agency concluded that it's enough for the taxpayer to disclose the material facts."