Recent IRS regulations in limbo

Recent IRS regulations in limbo

June 01, 2017 | By Keith Martin in Washington, DC

Recent US tax regulations remain in limbo.

Donald Trump directed the US Treasury in late April to review “all significant tax regulations” issued in 2016 and early 2017 before Trump took office and flag any in an interim report that “impose an undue financial burden” on US taxpayers, “add undue complexity” to the tax laws or “exceed the statutory authority.”

The interim report is due June 20.

The Treasury is then supposed to report by September 19 on the specific actions it is taking to cancel or fix the regulations.

Various interest groups have sent the Treasury lists of regulations they would like to see withdrawn. For example, the US Chamber of Commerce sent a list of 12 regulations of which the Chamber wants 11 withdrawn and one revised.