American Lawyer, Tax Lawyers Not Up in Arms About New IRS Proposals…Yet, by Zach Lowe:

Those wary of any extension of the government's reach were a little upset last night, when Douglas Shulman, the IRS commissioner, announced a series of new proposed disclosure rules during a speech in front of the New York State Bar Association's tax section. The new regulations, if officially enacted, would require companies with over $10 million in assets to disclose any questionable tax structures and the amount they would have to pay should the IRS challenge those structures and win, according to the New York Times and the Wall Street Journal.

We wanted to answer a fairly simple question: How big a deal is this going to be? Should tax lawyers be rolling up their sleeves for a bundle of new work in the event the IRS–or Congress, if need be–goes ahead with this? The answer, according to lawyers we talked to: It could be huge, but it's too early to say.