Domestic production activities deduction for agricultural, horticultural cooperatives; OIRA review completed
OIRA review completed of final regulations
OMB’s Office of Information and Regulatory Affairs (OIRA) completed its review of final regulations relating to application of the domestic production activities deduction for specified agricultural or horticultural cooperatives.
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. Now that OIRA review has been completed, the final regulations are expected to be released (the exact date of release is unknown).
OIRA reported that it completed its review of these final regulations on January 7, 2021:
- RIN: 1545-BO90: Domestic production activities deduction for specified agricultural or horticultural cooperatives [TCJA]
These regulations would finalize regulations that were proposed in June 2019. Read TaxNewsFlash
For more information, contact KPMG’s National Director of Cooperative Tax Services:
David Antoni | +1 (267) 256-1627 | email@example.com
Associate National Director of KPMG’s Cooperative Tax Services:
Brett Huston | +1 (916) 554-1654 | firstname.lastname@example.org
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