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Status of Treasury regulations pending OIRA review

Status of Treasury regulations pending OIRA review

OMB’s Office of Information and Regulatory Affairs (OIRA) has acknowledged receipt of proposed regulations from Treasury to provide guidance concerning state and local tax (SALT) credits and charitable contributions.

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These proposed regulations have joined other proposed regulations under sections 199A and 385 for OIRA review. Treasury regulations that are identified as “major” regulations are subject to review by OMB’s OIRA before issuance, pursuant to Executive Order 13771. Read TaxNewsFlash

The U.S. Treasury Department and IRS would be expected to release the following proposed regulations once OIRA review is completed (according to information on the OIRA website):

  • RIN: 1545-BO89, SALT credits and charitable contributions

    There is no description of these regulations provided by OIRA.

  • RIN: 1545-BO71, Guidance under section 199A (computational) 

    The description of these regulations provided by OIRA is: “Guidance on computations necessary in computing the deduction for qualified business income of pass-thru entities under new section 199A.”

  • RIN: 1545-BO02, Treatment of certain interests between members of an expanded group

    The description of these regulations provided by OIRA is: “The proposed regulations would remove regulations set forth in 26 CFR 1.385-2 that relate to the threshold documentation requirements that ordinarily must be satisfied in order for certain related-party interests in a corporation to be treated as indebtedness for federal tax purposes.”

Also currently pending OIRA review are regulations concerning enrolled agents.

Once OIRA review is completed, the regulations eventually would be expected to be released for publication in the Federal Register.

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