Overview
Law360 quoted Lisa Zarlenga in an article titled "OIRA Review Unlikely To Substantially Alter Treasury Rules." The article, published October 18, discusses how the Office of Information and Regulatory Affairs (OIRA) has newfound authority to review rules issued by the US Department of the Treasury.
Although the office does have the capacity to suggest substantive changes, it can do so only if its review finds that the economic impact of guidance would contradict congressional intent, Zarlenga says. "Perhaps people view it as a second bite at the apple and an additional meeting they can use to persuade on policy things. I think if the taxpayer does have any sort of argument or position regarding the economic impact, then a meeting with OIRA makes a lot of sense."
The full article can be read at Law360 (subscription required).
