OIRA review and expectations for more regulations, under 2017 tax law

OIRA review and expectations for more 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.

1000

Related content

Currently with regard to regulations that would implement measures under the 2017 tax law (the law that is often referred to as the “Tax Cuts and Jobs Act” (TCJA)), OIRA review of the following regulations is pending:

  • Final regulations concerning the domestic production activities deduction for specified agricultural or horticultural cooperatives (TCJA)
  • Final regulations concerning the deduction for “foreign-derived intangible income” (FDII) and “global intangible low-taxed income” (GILTI) under section 250 (TCJA)

Other regulations that were reported to be pending OIRA review relate to the credit for carbon oxide sequestration (these are proposed regulations that the IRS released in advance in the evening of May 28, 2020).

Note that OIRA completed its review on one set of TCJA-related regulations—the “carried interest” regulations—in late February 2020; however, Treasury and the IRS have yet to release those regulations.

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal