Treasury, OMB agreement no longer requires OIRA review for tax regulatory actions issued by IRS
Tax regulatory actions issued by the IRS will not be subject to the OIRA review process.
Tax regulatory actions issued by the IRS will not be subject to the OIRA review process.
The U.S. Treasury Department today announced a “memorandum of agreement” (MOA) with the Office of Management and Budget concerning the general terms under which the Office of Information and Regulatory Affairs (OIRA) will review regulatory actions issued by Treasury.
According to the memorandum of agreement [PDF 333 KB], tax regulatory actions issued by the IRS will not be subject to the OIRA review process.
The MOA supersedes the 2018 MOA between Treasury and the OMB with respect to tax regulatory actions. Read TaxNewsFlash
KPMG observation
This exemption appears to be quite broad, covering all IRS tax regulations.
This would also seemingly allow for the expedited release of Treasury guidance given that OIRA review is no longer needed.
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