Final regulations: “BEAT” provisions under section 59A, OIRA review completed
Final regulations: “BEAT” provisions under section 59A
OMB’s Office of Information and Regulatory Affairs (OIRA) reported that it has completed its review of final regulations under section 59A—the “base erosion and anti-abuse tax” or “BEAT” provisions that were enacted as part of the 2017 tax law (Pub. L. No. 115-97), the law that is often referred to as the “Tax Cuts and Jobs Act” (TCJA).
Treasury regulations that are identified as “major” regulations are subject to review by OMB’s OIRA before being issued, pursuant to Executive Order 13771. OIRA reported that it completed its review of these final regulations on August 21, 2020:
- RIN: 1545-BP36: Base erosion and anti-abuse tax proposed regulations [TCJA]
Now that OIRA review has been completed, Treasury and the IRS can be expected to release these final regulations for publication in the Federal Register—the exact date of publication not being known.
Final and additional proposed regulations under section 59A were released in December 2019. Read KPMG’s report about these regulations under the BEAT provisions: KPMG report: Analysis of final regulations and additional proposed regulations under section 59A (“BEAT”) [PDF 798 KB] (39 pages)
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