Steven Mnuchin

The new regs clarify what property and businesses will qualify for the tax break.

The U.S. Treasury Department plans to pare back regulations championed by President Barack Obama that were intended to prevent American companies from moving profits offshore to avoid taxes.

The Internal Revenue Service and the Treasury Department released a draft version of a proposed tax form to collect information about qualified opportunity zones.

Treasury Secretary Steven Mnuchin said he had no knowledge that his long-time friend and billionaire Michael Milken would benefit from a tax break his agency approved last year for a property in Nevada.

The Treasury Department and IRS issued proposed regulations to help taxpayers avoid negative tax consequences in the transition away from the London Interbank Offered Rate and other interbank rates to newer reference rates.

They say the political process is more appropriate than the courts.

The president spoke a day after deciding against cutting the tax on capital gains by indexing gains to inflation.

The administration claims the Committee on Ways and Means — controlled by Democrats — is improperly attempting to enlist the judiciary in its fight with the Executive Branch.

The protocols represent the first updates to U.S. tax treaties in nearly a decade.

The move would slash the tax payable on any asset that’s appreciated in value over a lengthy period of time.