September 21, 2018

Smooth sailing so far at OMB

From: Politico | Morning Tax

ALL QUIET ON THE OMB FRONT: It’s been a little more than five months since the Treasury Department and OMB reached an agreement allowing the OMB to review proposed tax regulations. So how’s it going? Thus far, it doesn’t seem to be slowing the pace of regulations governing the Tax Cuts and Jobs Act, H.R. 1 (115), which was one of the concerns tax practitioners had when the agreement was announced last April.

Four major TCJA regulations proposed by Treasury since then — governing repatriation of overseas corporate profits, the SALT deduction cap, GILTI and the pass-through deduction — were reviewed and green-lighted by OMB’s Office of Information and Regulatory Affairs within 10 business days, according to OIRA’s website. The Treasury-OMB agreement allows for an expedited, 10-day review for proposed TCJA regs, though OIRA generally has 45 days. The office reportedly waived review of one proposed rule, on the immediate, full expensing of some business investments.

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