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Jeff Paravano Comments Regarding Effect of Trump Regulation Formula on Tax Rules

News / January 31, 2017

Partner Jeff Paravano is quoted in an article published in Bloomberg BNA’s Daily Tax Report on Jan. 31, 2017. The article, “New Trump Executive Order May Delay IRS Work,” examines the potential effects of a newly signed Executive Order that requires federal agencies, including the IRS, to eliminate two regulations every time a new regulation is issued.  Agencies must conduct an analysis in which the administrative cost of any new regulation is offset by the elimination of other regulations. Paravano said that the cost issue in the Executive Order gives the director of the Office of Management and Budget tremendous power. Noting the zero net compliance cost requirement and the lookback to Oct. 1, 2016, Paravano stated: “It quickly becomes clear, as a practical matter” that “no new tax regulations may be promulgated in the near term without a waiver from the director of OMB.”

Read the article (registration required).