The Internal Revenue Service is temporarily putting the brakes on issuing new rules while evaluating the impact of executive orders from President Trump, and scaling back enforcement of the individual mandate under the Affordable Care Act.
IRS associate chief counsel Robert Wellen told attendees at a Practising Law Institute conference this week that the agency would not be issuing any new revenue rulings or revenue procedures, at least until incoming Treasury Secretary Steven Mnuchin sets up his tax team, according to Tax Notes. Trump’s executive order required two regulations to be identified for elimination whenever any new regulation is proposed. Federal agencies are still assessing how to deal with the new requirement.
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