Final regulations pending OIRA review: Consolidated NOLs
Regulations pending OIRA review: Consolidated NOLs
OMB’s Office of Information and Regulatory Affairs (OIRA) has received for review from the U.S. Treasury Department final regulations concerning consolidated net operating losses (NOLs).
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.
According to OIRA, the final regulations received for review on September 22, 2020, are identified as:
- RIN: 1545-BP27: Consolidated net operating losses [TCJA]
Temporary regulations and proposed regulations were issued in July 2020 as guidance under sections 1502 and 172 regarding consolidated NOLs. Read TaxNewsFlash
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