Daily Tax Update - April 21, 2017: Executive Order Instructs Review of Significant 2016 Tax Regulations

Executive Order Instructs Review of Significant 2016 Tax Regulations:  Today, President Trump signed an executive order instructing Treasury Secretary Steve Mnuchin to review all significant tax regulations since the beginning of 2016.  In remarks at the signing ceremony, President Trump said, “this regulatory reduction is the first step toward a tax reform that reduces rates, provides relief to our middle class, and lowers our business tax, which is one of the highest in the world and has stopped us from so much wealth and productivity.”  President Trump also indicated that there will be an announcement on Wednesday, April 26 regarding tax reform.

Treasury and IRS Release Request for Recommendations on Priority Guidance Plan:  In Notice 2017-28, Treasury and the IRS invite public comment on recommendations for items that should be included in the 2017-2018 Priority Guidance Plan (PGP).  Recommendations should be submitted by June 1.  This request for recommendations provides taxpayers with an opportunity to help shape how Treasury and the IRS use their limited resources in the upcoming year.  For more information on the importance of taxpayer input on the PGP click here.