Identifying and Reducing Tax Regulatory Burdens
The Treasury Department Must Review and Reduce Recent Tax Regulations
What it does
Agencies must review significant tax regulations since January 1, 2016, and recommend delaying, modifying, or rescinding those that impose undue burdens.
Real-world impact
- May delay or suspend enforcement of recent tax regulations.
- Could reduce paperwork and simplify filing for American taxpayers and businesses.
- Requires Treasury to publish reports and summaries in the Federal Register.
Topics
Summary
This order requires the Treasury Department to immediately review all significant tax regulations issued on or after January 1, 2016, and to identify those that impose undue financial burdens, add complexity, or exceed the Internal Revenue Service's authority. The Treasury must report findings to the President within 60 days and recommend specific actions within 150 days, and publish reports in the Federal Register.
The order aims to reduce paperwork, simplify tax guidance, and allow delaying, modifying, or rescinding burdensome rules where permitted by law.
Questions, answered
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