Treasury Proposes To Strike Nearly 300 Tax Regulations

From Forbes.com

The U.S. Department of the Treasury has proposed the repeal of nearly 300 tax regulations that are "unnecessary, duplicative or obsolete and force taxpayers to navigate needlessly complex or confusing rules." Tax Regulations are issued by the Internal Revenue Service (IRS) and provide the official interpretation of the Tax Code.

The proposal is a follow-up to an Executive Order issued by President Trump on April 21, 2017, charging the Treasury with reviewing certain tax regulations to ensure that the tax system is "simple, fair, efficient, and pro-growth." The April order did not attempt to tackle an overhaul of the entire Tax Regs system but rather targeted all significant tax regulations issued on or after January 1, 2016. [...]

Nearly a year later, Treasury proposes to eliminate 298 tax regulations, which, according to Secretary Mnuchin "serve no useful purpose to taxpayers." Those regulations fall into three categories:

  • Regulations interpreting provisions of the Code that have been repealed;
  • Regulations interpreting provisions that have been significantly revised and the existing regulations do not account for these revisions; and
  • Regulations that are no longer applicable.

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