Tax Advisors would never know what was hidden in the proposed removal of 298 IRS regulations unless they spent twenty-five hours researching the links to the IRC which we did for TaxConnections members. Based on a preliminary review, these proposals could be very far reaching and we urge TaxConnections members to review the proposed changes immediately and if interested, request the opportunity to testify at the IRS public hearings on topics of interest to you and your clients.

We spent hours linking up the proposed removals of these tax laws to the Code of Federal Regulations for you. This saves our members many hours of research time in order to enable our members to focus on analysis of these changes.

TaxConnections Members should carefully study this information in order to make comments or request a public hearing on these far reaching proposals. If you want to comment or request a public hearing, you must make a request for a public hearing before May 14, 2018.

Pursuant to President Trumps Executive Orders 13777 and 13789, the Treasury Department and the IRS conducted a review of existing regulations with the goal of reducing the regulatory burden of taxpayers as set forth in President Trumps Executive Orders.

The Notice of Proposed Rulemaking issued by the Treasury Department proposes to streamline IRS Regulations by removing 298 IRS Regulations that are no longer necessary because they do not have current or future applicability under the Internal Revenue Code; and by amending 79 IRS Regulations to reflect the proposed removal of the 298 IRS Regulations. The proposed removal and amendment of these IRS Regulations may affect a wide range of taxpayers in the United States and abroad, including your clients.

Written Or Electronic Requests For A Public Hearing Must Be Received By May 14, 2018

Send All Submissions To:

CC: PA-LPD-PR (REG- 132197-17), Room 5203

Internal Revenue Service

P.O. Box 7604

Ben Franklin Station

Washington D.C. 20044

Hand – Delivered Submissions Between 8:00AM and 4:00PM To:

CC:PA-LPD-PR (REG- 132197-17)

Couriers Desk

Internal Revenue Service

1111 Constitution Avenue, NW

Washington D.C.

Submissions May Also Be Sent Via The Federal eRulemaking Portal At www.regulations.gov

(REG-132197-17)

Contact Mark. A. Bond, Office Of Associate Chief Counsel (Procedure And Administration), 202.317.6844

Contact Regina Johnson (Submission Of Comments/Request For Public Hearing), 202.317.6901

VIEW A SAMPLE BELOW OF TAXCONNECTIONS RESEARCH 

WHICH LINKS TO CODE OF FEDERAL REGULATIONS

Treasury Regulations §§1.23-1 (Residential Energy Credit) through

Treasury Regulations§§ 1.23-6  

(Procedure And Criteria For Additions To The Approved List Of Energy-Conserving Components Or Renewable Energy Resources)(Approved List Of Energy Resources)

These regulations provide guidance under former Section 23. Former Section 23 was repealed by Section 11801(a) Omnibus Budget Reconciliation Act of 1990, November 5, 1990. Public Law No. 101-508.

Treasury Regulation §1.46-11(Commuter Highway Vehicles)

These regulations provide guidance under former Section 46. Former Section 46 was repealed by Section 11813 of the Omnibus Budget Reconciliation Act of 1990, effective generally with respect to property placed in service after December 31, 1990. Public Law No. 101-508.

Treasury Regulation §§1.56A-1  (Imposition of Tax)

Treasury Regulation §§ 1.56A-2 (Deferral Tax Liability In Case Of Certain Net Operating Loss)

Treasury Regulation §§ 1.56A-3 (Effective Date)

Treasury Regulation §§ 1.56A-4 (Certain Taxpayers)

Treasury Regulation §§ 1.56A-5 (Tax Carryovers)

Treasury Regulation §§ 1.58-1 (Minimum Tax Exemption)

Treasury Regulation §§ 1.58-9 (Application of The Tax Benefit Rule To The Minimum Tax)

These regulations provide guidance relating to the alternative minimum tax under Section 56A and former Section 58. These regulations implement a version of the alternative minimum tax that was repealed by section 701(a) of the Tax Reform Act of 1986, effective for taxable years beginning after December 31, 1986. Public Law No. 99-514.

Treasury Regulation §1.101-5 (Alimony Payments)

These regulations provide guidance under Section 101(e). Section 101(e) was repealed by Section 421(b) (2) of the Deficit Reduction Act of 1984, generally effective for transfers after July 18, 1984, in taxable years ending after July 18, 1984. Public Law No. 98-369.

Treasury Regulations §1.103-2 (Dividends From Shares And Stock Of Federal Agencies Or Instruments)

These regulations provide guidance regarding the tax exemption for dividends from shares and stock of federal agencies or instrumentalities under former Section 103. Former Section 103 was repealed by Section 6 of the Public Debt Act of 1942, effective for securities issued after March 28, 1942.  Public Law No. 77-510.

Treasury Regulations §1.103-3 (Interest Upon Notes Secured By Mortgages Executed To Federal Agencies)

These regulations provide guidance regarding the tax exemption for interest on United States obligations under former Section 103. Former Section 103 was repealed in part by section 4 of the Public Debt Act of 1941, effective for obligations issued on or after February 28, 1941. Public Law No. 77-7.

Treasury Regulations §1.168(f)(8)-1T (Safe Harbor Lease Information Returns Concerning Mass Commuting Vehicles)

These regulations provide guidance under section 168(f)(8). Section 168(f)(8) was repealed by Section 201(a) of the Tax Reform Act of 1986, effective with respect to property placed in service after December 31, 1986, in taxable years ending after December 31, 1986. Public Law No. 99-514.

Treasury Regulations §1.177-1(Election To Amortize Trademark And Trade Name Expenditures)

These regulations provide guidance under Section 177. Section 177 was repealed by Section 241(a) of the Tax Reform Act of 1986, generally effective with respect to expenditures paid or incurred after December 31, 1986. Public Law No. 99-514.

(This Is Part One- Go To This Link For Part Two)

TaxConnections Members May Request Full Research

Report By Sending Request To Kat@taxconnections.com