Share with your friends

Status of OIRA review of regulations under 2017 tax law

Status of OIRA review of regulations under 2017 tax law

The review of “major” tax regulations requires sign-off by OMB’s Office of Information and Regulatory Affairs (OIRA).


Related content

Treasury regulations that are identified as “major” regulations are subject to review by OMB’s OIRA before being issued, pursuant to Executive Order 13771. Accordingly, knowing the status of OIRA review of Treasury regulations can help in predicting when regulations may be issued by Treasury and the IRS.

Regulations to implement certain provisions of the 2017 tax law (Pub. L. No. 115-97), the law often referred to as the “Tax Cuts and Jobs Act” (TJCA), are still pending OIRA review (these were received for OIRA review on July 16, 2020):

  • Final regulations—RIN: 1545-BP35: Limitation on deduction for dividends received from certain foreign corporations and amounts eligible for section 954 look-through exception [TCJA]
  • Proposed regulations—RIN: 1545-BP57: Rule coordinating application of certain regulations under sections 245A and 951A [TCJA]

OIRA during July 2020 completed its review of other regulatory projects—including final and proposed regulations under section 163(j) and the “carried interest” regulations proposed under section 1061. The IRS posted versions of these regulations on its website in advance of these being released for publication in the Federal Register.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in 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