Treasury Department Moves Forward on Eliminating Unnecessary Tax Regulations

(Parker Tax Publishing June 2017)

The Treasury Department issued a notice requesting comments on regulations that should be eliminated, modified, or streamlined. The notice is the result of an executive order signed in January directing federal agencies to eliminate two regulations for each new regulation issued. 82 Fed. Reg. 27217 (6/14/17).

On January 30, 2017, President Trump signed Executive Order (EO) 13771, Reducing Regulation and Controlling Regulatory Costs. The EO directs agencies to eliminate two regulations for each new regulation issued and to limit costs for the fiscal year to zero. On February 24, 2017, the President issued EO 13777, Enforcing the Regulatory Reform Agenda, which requires agencies to convene a regulatory reform task force to assist in the implementation of EO 13771.

The task force will evaluate existing regulations and make recommendations to the Treasury Secretary to prioritize their possible repeal, replacement, or modification, consistent with applicable law. EO 13777 requires the task force to attempt to identify regulations that eliminate jobs or inhibit job creation; are outdated, unnecessary, or ineffective; impose costs that exceed benefits; create a serious inconsistency or otherwise interfere with regulatory reform initiatives and policies; are inconsistent with the requirements of the Information Quality Act, or guidance issued pursuant to that provision; or derive from or implement EOs or other Presidential directives that have been subsequently rescinded or substantially modified.

EO 13777 encourages agencies to seek input from small businesses, state and local governments, trade associations, and other stakeholders significantly affected by regulations. Accordingly, on June 14, the Treasury Department issued a notice in the Federal Register inviting members of the public to submit views and recommendations for Treasury Department regulations that can be eliminated, modified, or streamlined. According to the Treasury Department, commenters should identify regulations by title and citation to the Code of Federal Regulations and should explain how the regulations could be modified, if appropriate, or explain why the regulation should be eliminated. To the extent available, commenters are asked to provide available data and an explanation of regulatory costs and compliance burdens.

Caution: The notice advises that, in general, comments received, including attachments and other supporting materials, will be part of the public record and made available to the public. Those submitting comments should not enclose any information in the comment or supporting materials that is considered confidential or inappropriate for public disclosure.

In particular, the Treasury Department invited comments on regulations, forms, and guidance documents issued by the IRS, the Alcohol and Tobacco Tax and Trade Bureau, the Bureau of the Fiscal Service, Departmental Offices (Office of the Secretary), the Financial Crimes Enforcement Network, the Community Development Financial Institutions Fund, the Office of Foreign Assets Control, and Treasury regulations and guidance issued under the Department's Customs Revenue Function.

Disclaimer: This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. The information contained herein is general in nature and based on authorities that are subject to change. Parker Tax Publishing guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. Parker Tax Publishing assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein.

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