Monte Jackel Quoted in Tax Notes Today on Tax Regulations During Trump Administration
Tax Notes Today has quoted Akin Gump senior counsel Monte Jackel in the article “News Analysis: The Prospects for Tax Regulations in the Trump Era, Part II.” The article reports that uncertainty over President Trump’s signing of an executive order restricting regulations, as well as subsequent guidance from the Office of Management and Budget (OMB), raises questions as to whether tax regulations are even covered by the new order.
Jackel said that under the one-in, two-out order (referring to the elimination of two regulations for every new one imposed) and the OMB memo, there is no clear intent to exempt tax regulations. He also questioned why the IRS would not be subject to the new rules when every other agency is. “I’m not saying that the IRS shouldn’t be granted a waiver in certain circumstances,” he said, “but in other cases, maybe they should be more selective in what they do.”
Jackel continued by noting that if tax regulations are subject to the order, the IRS’s priority guidance plan will be three times as large. The expansion, he said, will result from the need for the IRS and Treasury to include two items for removal for each new item that is included on the plan.