According to Law360, the U.S. Department of the Treasury intends to scrap nearly 300 tax rules in keeping with President Donald Trump's executive orders to cut back on regulatory burdens, according to proposed regulations released Tuesday.
Removing the rules will "reduce the volume of regulations taxpayers need to review; and increase clarity of the tax law,” Treasury said.
The regulations on the chopping block interpret provisions of the Internal Revenue Code that have either been repealed or significantly revised and do not account for statutory changes, as well as expired temporary regulations, the agency said.
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