Tax News Update    Email this document    Print this document  

April 12, 2018
2018-0790

Treasury, OMB Announce Agreement on Tax Regulatory Review Process

The Treasury Department and the Office of Management of Budget (OMB) on April 12, 2018, released a Memorandum of Agreement (MOA) creating a new framework for the review of tax regulations that is intended to increase the economic analysis and review of tax rules while preserving timely tax guidance for taxpayers.

The announcement follows calls in recent months to undo the agreement that exempted certain IRS regulations from oversight by the OMB Office of Information and Regulatory Affairs (OIRA), including by some members of Congress. As a Treasury press release noted, an agreement adopted in 1983 and reaffirmed in 1993 subjected some Treasury regulations to a review process different from other regulations issued by most executive agencies, and was interpreted to exempt essentially all tax regulations.

"The MOA announced today replaces the 1983 agreement with a new review process tailored to tax regulations — it focuses on reducing regulatory burdens while providing timely guidance to taxpayers," the press release stated. "Under the MOA, OIRA will review a subset of tax regulatory actions and provide expedited review for these actions."

The press release and MOA are attached.

Contact Information

For additional information concerning this Alert, please contact:

Washington Council Ernst & Young
   • Any member of the group, at (202) 293-7474;.

———————————————
ATTACHMENTS

Signed Treasury MOA

Treasury OMB Press Release

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement