Publication

"Eight Regulations the IRS Says Are “Unduly Complex,” Impose “an Undue Financial Burden on Taxpayers” or Exceed the IRS’s Statutory Authority"

Responding to President Donald Trump’s Executive Order 13789, which called on the Secretary of the Treasury to submit an interim report identifying any significant tax regulations issued since January 1, 2016 that (i) impose an undue financial burden on taxpayers; (ii) add undue complexity to federal tax laws; or (iii) exceed the statutory authority of the IRS, the IRS has released Notice 2017-38, which lists eight regulations that it has determined meet one or more of these criteria.  Notably, no regulations were identified as exceeding the statutory authority of the IRS.

This Stroock Special Bulletin provides an overview of these eight regulations, with particular focus on three that have received widespread attention and comment.