TaxOps.com
Tax News

Trump orders heavy-handed tax regulations to be lightened up

On April 21, President Trump signed an executive order calling on the Treasury Department to review significant tax regulations issued on or after January 1, 2016. Together with the Office of Management and Budget, Treasury is directed to release an interim report within 60 days of the signing date of the order identifying all such regulations that:

Impose an undue financial burden on the United States taxpayers;

  • Add undue complexity to the Federal tax laws; or
  • Exceed the statutory authority of the IRS
  • Once identified, Treasury is further directed to recommend “specific actions” to lighten the regulatory load within 150 days of the signing date of the order. These actions could include:
  • Delaying or suspending the effective date of the regulations, or
  • Modifying or rescinding the regulations to reduce the burden imposed by the regulations singled out
  • Among the tax rules subject to review under the executive order are:
  • Final and temporary regulations under section 385 establishing threshold documentation requirements and tax treatment protocol for certain related-party interests
  • Final and temporary regulations under section 987 addressing transactions within qualified business units of select taxpayers

We’ll keep you updated on the Administration’s efforts to reduce your tax regulatory burden as they develop.

Let's talk tax

Rachel Sawyer can be reached by phone at 720.227.0068 or email at rsawyer@taxops.com. Follow Rachel on LinkedIn.

For The Latest Tax News -- Subscribe Now

False tax claims fraught with danger

Colorado Supremes tell travel websites to pay up hotel room taxes

Trump-ing the tax code

Feature resource

A Closer Look at ASC 740: Accounting for Income Taxes

Explore how accounting for uncertain tax positions can reduce your tax risk, smooth out tax liabilities, and improve financial statement transparency in A Closer Look at ASC 740: Accounting for Income Taxes. Get the File »