IRS Chief Counsel - Closing agreement, after fast-track negotiation, is valid even though not submitted for JCT review 

August 16: The IRS today posted an IRS Chief Counsel memorandum* concluding that a closing agreement executed by a taxpayer (insurance company) after fast-track negotiation, without being submitted for approval by the Joint Committee on Taxation, was valid. 20133301F (released August 16, 2013, and dated July 8, 2013)

While the IRS memo [PDF 95 KB] confirms that the closing agreement ought to have been submitted for JCT review, it is nonetheless a valid and enforceable agreement.


*Chief Counsel Advice documents are legal advice, signed by executives in the National Office of the IRS Office of Chief Counsel and issued to IRS personnel who are national program executives and managers. The documents are issued to assist IRS personnel in administering their programs by providing authoritative legal opinions on certain matters, such as industry-wide issues. However, they are not to be used or cited as precedent.




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