The IRS has obsoleted nine pieces of sub regulatory guidance in accordance with an executive order by President Trump to improve government efficiency by reducing regulations. In identifying the guidance documents for removal, the IRS determined that these guidance documents no longer provide useful information.
Among the guidance obsoleted by Notice 2025-22 is Notice 2015-73 on basket option contracts, Notice 2005-64 on the dividends received deduction and foreign tax credits, Rev. Rul. 91-32 on partnership effectively connected income, and three items related to the medical device excise tax.
Executive Order 14219 was issued by President Trump on February 19th and directed agencies that include the IRS and Treasury to coordinate with the Department of Government Efficiency and the Office of Management and Budget to identify extraneous and unnecessary guidance for elimination.
Notice 2025-22 states that the review is ongoing and that Treasury and the IRS "anticipate revoking or obsoleting hundreds of similar guidance documents in the near future."
Taxpayers and their advisors should be aware of these actions by the IRS and Treasury.
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