Treasury Recommends Revoking, Modifying Tax Regulations

The Treasury Department today released a report on regulatory burden in the tax code. The report came as a result of an executive order calling for a review of tax regulations issued in 2016. Today’s report recommends actions – revocation in full or in part or modification — related to eight regulations.

Included in the recommendations were streamlining documentation requirements under Section 385, withdrawing of regulations dealing with valuation of estates under Section 2704 and substantially revising regulations dealing with outbound transfers of property under Section 367. The American Bankers Association supports these and other initiatives to reduce regulatory burdens and will evaluate the report carefully to determine the recommendations’ effects on ABA members.

Treasury also indicated that it is doing a comprehensive review of all tax regulations regardless of when they were issued and plans to begin a process for making necessary changes in the fourth quarter. For more information, contact ABA’s John Kinsella.