No Rules or Answers: Notices to Just Provide Notice
Posted on May 11, 2018 in News, Tax Accounting
Rather than provide “subregulatory guidance” or answer specific questions, future notices will simply notify taxpayers of regulations to come. According to Catherine Hughes of the Treasury’s Office of Tax Policy, the Treasury and IRS will not create new rules, but give a “heads up” of what proposed regulations are in the works. This has been seen in recent notices, including Notice 2018-41, which stated the intent for future regulations and asked for comments.
Read more: Treasury, IRS Not Creating New Rules with Tax Act Notices