Tax reform is bogged down in Congress, but the U.S. Department of Treasury is looking to give businesses some tax relief before summer is over.
According the National Association of Manufacturers, the department plans to reform and possibly repeal eight sets of regulations issued by the previous administration. Go here to read the official notice.
“Manufacturers applaud Treasury for acting decisively to begin to address the onerous, costly and unnecessary burden these tax regulations impose on manufacturers,” writes NAM Vice President Dorothy Coleman in the association’s Shop Floor blog. “We strongly urge Treasury recommend the withdrawal or repeal of these regulations in its final recommendations in September.”
The notice focuses on:
- Section 385 debt-equity rules,
- valuing minority interests in family-owned businesses
- calculating gains and losses on currency exchanges
- contractors hired by the Internal Revenue Service (IRS)
The notice is in response to President Donald Trump’s executive order to identify tax regulations issued in 2016 that impose an undue financial burden on taxpayers, add unnecessary complexity to the tax code, or exceed the statutory authority of the Internal Revenue Service.