03 October 2016 Section 385 Final Regulations Sent to OIRA for Review The 385 final regulations were listed as being under White House Office of Information and Regulatory Affairs (OIRA) review. See below and link. Accordingly, this means: (1) final regulations are ready for review as far as Treasury/IRS are concerned but still could change; (2) OIRA has up to 90 days to review the regulations but could move more quickly; and (3) OIRA could ask Treasury to reconsider its approach and make changes to the regulations. Importantly, the description of the final regulations states that they are not economically significant and that they have no international impact. This is different from the description of the proposed regulations which stated that the proposed regulations were "Major," were "economically significant," and that they "will be likely to have international trade and investment effects, or otherwise be of international interest."
Document ID: 2016-1674 | ||||||||||||
