Multinational Tax & Transfer Pricing News has published the article "IRS tax regulations and the 1 for 2 Trump executive order," written by Akin Gump senior counsel Monte Jackel, which addresses President Trump's executive order calling for every new regulation issued by a federal agency to be offset by the elimination of two regulations.
In the article, Jackel writes that a two decade-old agreement between the Department of the Treasury and the office of Management and Budget (OMB) "provides that IRS regulations will be subject to a more stringent review process if the regulations are 'significant regulatory actions,' generally defined as regulations that have a very meaningful impact on the economy as a whole." As a result, the IRS regulations may not be subject to the one for two rule.
Despite the formation of a task force within each federal agency to evaluate the status of the one for two regulation policy, Jackel says it could be difficult to apply the policy uniformly, particularly with regard to tax regulations. In the end, he questions whether a task force within the IRS will truly accomplish what it is intended to do.
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