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OIRA update: Expectations for issuance of regulations, under 2017 tax law

OIRA update: Expectations for issuance of regulations

The review of “major” tax regulations requires sign-off by OMB’s Office of Information and Regulatory Affairs (OIRA). Accordingly, knowing the status of OIRA review of Treasury regulations can help in predicting when regulations may be issued by Treasury and the IRS.

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With regard to the 2017 tax law (often referred to as the “Tax Cuts and Jobs Act” (TCJA)), OIRA review has been completed as of March 13, 2020, of regulations concerning:

This means that Treasury and the IRS are expected to release these regulations—but the exact date is unknown.

The OIRA review of the much-anticipated final section 163(j) regulations for the business interest expense deduction limitation was completed January 31, 2020, but those regulations have not yet been issued. Review of the proposed section 163(j) regulations remains pending, and it is expected by some tax professionals that the proposed and final regulations will be released together. 

Currently, there are three sets of TCJA-related regulations pending OIRA review: proposed section 163(j) regulations, section 199A (RICs/REITS) and like-kind exchanges. When OIRA’s review is complete, the government will be one step closer to issuing these regulations.

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