The U.S. IRS has issued a release regarding the process for frequently asked questions on new tax legislation and reliance concerns. This includes a statement clarifying that if a taxpayer relies on any FAQ in good faith and that reliance is reasonable, the taxpayer will have a "reasonable cause" defense against any negligence penalty or other accuracy-related penalty if it turns out the FAQ is not a correct statement of the law as applied to the taxpayer's particular facts.
---
IRS updat…