Wednesday, February 14, 2018

Treasury Scrapping Nearly 300 Tax Rules & Regulations

According to Law360, the U.S. Department of the Treasury intends to scrap nearly 300 tax rules in keeping with President Donald Trump's executive orders to cut back on regulatory burdens, according to proposed regulations released Tuesday.

Treasury is proposing to remove 298 regulations it says are no longer necessary because they have no current or future applicability and to amend 79 other regulations that reference them.

Removing the rules will "reduce the volume of regulations taxpayers need to review; and increase clarity of the tax law,” Treasury said.

The regulations on the chopping block interpret provisions of the Internal Revenue Code that have either been repealed or significantly revised and do not account for statutory changes, as well as expired temporary regulations, the agency said. 

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