Tax Notes Today Quotes Monte Jackel on IRS Review of Significant Tax Regulations
Akin Gump senior counsel Monte Jackel has been quoted in the Tax Notes Today article “Report on Tax Regs Doesn’t Find Any Exceeded IRS Authority,” which reports on a Treasury Department review of significant tax regulations that does not identify any that might have exceeded the Internal Revenue Service’s statutory authority.
Jackel said the omission of which regulations might have exceeded that authority is “flat-out contrary” to the intent of President Trump’s executive order requiring the review. “If they’re not going to be examining whether they’ve overstepped their bounds, then what’s the point of this review?” he asked.
Jackel further noted that the report does not indicate what progress, if any, has been made beyond simply identifying which regulations are being targeted, adding that he expects minor modifications to the listed regulations and perhaps effective date relief, though he would be surprised if any of the regulations are fully repealed.
Most of the regulations included in the list, Jackel said, were predictable. He indicated, however, he would have liked to see others on the list, such as those dealing with liability allocation, transfers by U.S. persons to partnerships with related foreign partners, foreign partnership regulations and the allocation of creditable foreign taxes.