Overview
Bloomberg BNA’s Daily Report for Executives quoted Steptoe Chair Phil West in a March 23 article titled “Defining ‘Sub-Regulatory’ Tax Guidance Tough.” The article discusses a difficult line-drawing exercise that lies ahead as IRS Commissioner John Koskinen urges the Treasury Department to exempt “sub-regulatory” tax guidance from the administration's virtual freeze on regulations across the government. Discussions are underway with Treasury to open the door for tax guidance that doesn't rise to the level of significant regulations targeted by the Trump administration.
Mr. West says he agrees that tax rules are unique. “The commissioner is right. The vast majority of tax regulations are simply outside the scope of what the Executive Order is aimed at, or at least should be aimed at. Most of them provide needed clarification of more general laws enacted by Congress.”
The full article can be read at Bloomberg BNA (subscription required).