Proposed Regulations to Eliminate Regulations

Pursuant to the President’s Executive Order asking that agencies get rid of unnecessary or burdensome regulations, the IRS has issued proposed regulations to eliminate certain regulations including those dealing with special rules for owner employee plans, some of the deduction regulations where the rules are covered elsewhere and others.

Document Excerpt

SUMMARY: Pursuant to the policies stated in Executive Orders 13777 and 13789 (the executive orders), the Treasury Department and the IRS conducted a review of existing
regulations, with the goal of reducing regulatory burden for taxpayers by revoking or
revising existing tax regulations that meet the criteria set forth in the executive orders. This notice of proposed rulemaking proposes to streamline IRS regulations by removing 298 regulations that are no longer necessary because they do not have any current or future applicability under the Internal Revenue Code (Code) and by amending
regulations to reflect the proposed removal of the 298 regulations. The proposed
removal and amendment of these regulations may affect various categories of taxpayers.


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