Virtually all governmental agencies have a bewildering set of regulations that must be followed, and the IRS is no exception.
On January 30, 2017, President Donald Trump signed an executive order that requires all federal agencies to identify two regulations to repeal for every new regulation it wishes to impose. This executive order follows a January 20, 2017, memo from the White House freezing all new and proposed regulations.
That memo has already caused the IRS to pull back on some of its proposed regulations. Although Trump’s executive order is designed to streamline the running of governmental agencies and its effect on that agency’s “customers,” it will certainly cause many headaches for governmental agencies, including the IRS.
There are specific exceptions to the executive order including regulations pertaining to the military, national security, foreign affairs, agency management and personnel. In our ever-changing society, especially with modern technology, new rules must be put into place to accommodate these changes.
Although perhaps good-intentioned, we feel that requiring an agency to repeal two regulations for every one it proposes is short-sighted. Only time will tell if Trump’s executive order is good or bad. What do you think?
Do you owe money to the IRS or have unfiled tax returns? Contact us, we can help.