Paul L. Caron

Saturday, February 17, 2018

Treasury Proposes Repeal Of 298 Tax Regulations

RegsTreasury Proposes Repeal of Nearly 300 Outdated Tax Regulations:

The U.S. Department of the Treasury today proposed repealing 298 tax regulations that are unnecessary, duplicative or obsolete and force taxpayers to navigate needlessly complex or confusing rules. President Trump issued an Executive Order on April 21, 2017, directing Treasury to review tax regulations to ensure a simple, fair, efficient, and pro-growth tax system. Today’s actions are a direct result of that review.

“We continue our work to ensure that our tax regulatory system promotes economic growth,” said Secretary Steven T. Mnuchin. “These 298 regulations serve no useful purpose to taxpayers and we have proposed eliminating them. I look forward to continuing to build on our efforts to make the regulatory system more efficient and effective.”

The regulations proposed to be repealed fall into three categories:

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 Regulations interpreting provisions of the Code that have been repealed;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 Regulations that are no longer applicable.

For a list of the 298 regulations proposed to be repealed, see here.

IRS News, Tax | Permalink


Sometimes a regulation interpreting a statute will shed light not only on the statutory provision in question but also on identical or parallel language in another statutory provision for which the regulations are less complete [e.g. IRC Sec. 264 and IRC Sec. 265].
I hope that such clues as may have resided in these outdated regulations don't include those that might occasionally still be of interest to many of us.

Posted by: Joseph W. Mooney | Feb 19, 2018 7:54:54 AM

And what actual % of the the tax regulations do these amount to?! 298 sounds dramatic, but I suspect it is a drop in the bucket, and these were regulations that everyone in the tax world knew to ignore, anyway.

Posted by: Richard Swenson | Feb 18, 2018 5:32:17 PM