The OMB and Treasury Release Memo on OMB’s Oversight of Tax Regulations
Posted on Apr 12, 2018 in News, Tax Accounting
The Office of Management of Budget (OMB) and the Department of Treasury recently issued a memo describing the framework for the OMB’s review of tax regulations. The memo provides that regulations will be subject to review if they 1) create a serious inconsistency or interfere with an action of another agency, 2) raise novel legal or policy issues, or 3) have an annual non-revenue effect on the economy of $100 million or more. OMB oversight has raised concerns about the efficiency of the tax regulation process, however the memo was positively received by the Treasury officials.
Read more: Treasury, OMB Agreement Allows More Scrutiny of Tax Regs, Mnuchin Says