Overview
Bloomberg Tax quoted Lisa Zarlenga in a November 9 article titled "Major Tax Regulations May Be on Chopping Block After Biden Win." The article discusses how a Treasury Department under President-elect Joe Biden may try to scrutinize some of the Trump administration’s signature tax rules, especially since the potential for Republicans to hang on to the Senate would make it nearly impossible to move forward with legislative plans to roll back the 2017 tax law.
Zarlenga, who worked as tax legislative counsel at Treasury under the Obama administration, says that regulatory changes will likely be limited to scaling back, rather than entirely repealing rules, absent changes to the 2017 law. "The regs are now kind of needed because they've implemented the statute, and you can't just upset everything by pulling them," she adds.
The full article can be read at Bloomberg Tax.
