Yesterday, President Trump signed an executive order that requires government agencies to identify two regulations for repeal for every new regulation that they wish to issue. This order applies to tax regulations (including proposed regulations), and will force the IRS and Treasury to prioritize what guidance to issue in the near future. While the IRS pulled its proposed regulations on the new partnership audit rules last week, guidance in this area is needed and must be forthcoming. The question is what will be repealed to make way for it?
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