The U.S. Treasury Department and IRS this afternoon released for publication in the Federal Register final regulations (T.D. 9849) that:
The final regulations [PDF 247 KB] are issued in response to executive orders to reduce regulatory burden for taxpayers by revoking or revising existing tax regulations that meet certain criteria.
Today’s regulations finalize—with certain changes—regulations that were proposed in February 2018. Specifically, the notice of proposed rulemaking concerned 298 regulations, and the preamble to today’s final regulations explains that Reg. sections 1.921-1T and 1.921-2 are not being removed because they are cross-referenced in other regulations that continue to be effective, and the cross-references “are important to the content of the other regulations.”
The final regulations will be published in the Federal Register on March 14, 2019.
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