# No new IRS regulations until they can figure out what the heck they're supposed to do



## iota2014 (Jul 30, 2015)

> Because of two Trump administration policy changes restricting new regulations, the IRS will not be releasing any guidance -- including revenue procedures and revenue rulings -- beyond the most routine items for "a while," an official said February 13.
> 
> "The chief counsel's office has been in communication with Treasury about how this kind of regime might affect the tax regulatory process," said Robert Wellen, IRS associate chief counsel (corporate), about the policy changes. The first is the administration's unusual "one-in, two-out" executive order [2017 TNT 19-31: White House News], which generally requires agencies to eliminate two regs for every new one issued. The second is a January 20 memorandum [2017 TNT 14-53: White House News] that calls for a regulatory freeze pending administrative review.
> 
> "Discussions continue. Read your newspaper. I don't know how this is going to come out," Wellen said in New York at a conference sponsored by the Practising Law Institute.


No Substantive IRS Guidance Coming for a While, Official Says | TaxNotes.com


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## Bevdeforges (Nov 16, 2007)

Given the current president's rather "contentious" relationship with the IRS, I'm not expecting to hear much of anything from them for quite some time. I rather do wish they'd release his tax returns, though. It would answer oh, so many questions.
Cheers,
Bev


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## iota2014 (Jul 30, 2015)

https://www.theguardian.com/us-news/2017/feb/15/tax-refusing-pay-protest-trump

Some days you just have to laugh. :lol:


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## 230724 (Jul 28, 2013)

I haven't been on here since the new regime, and it looks as though I should have! Humor has done the trick! Thanks.


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## iota2014 (Jul 30, 2015)

A glimpse into the chaos:



> The European Parliament’s Panama Papers inquiry committee (PANA) met with Elise Bean, former chief counsel of the US Senate’s Permanent Subcommittee on Investigations [and formerly head of the US investigations into USCs' offshore accounts at UBS, Credit Suisse, etc] , in Washington on March 21 as part of the committee’s fact-finding mission to the US. Bean, now a member of the Independent Commission for the Reform of International Corporate Taxation, previously visited Brussels to address the PANA committee in October last year.
> [..]
> 
> “Tax reform in the US is in chaos, along with other proposed reforms,” Bean said. “The planned repeal of the Affordable Healthcare Act is described as a healthcare bill, but it’s a tax cut bill which would cut taxes for high-income households by $600 billion.
> ...


GUENGL Panama Papers | PANA committee meets Elise Bean in Washington

Humour rapidly draining away. :-(


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## iota2014 (Jul 30, 2015)

I wonder if FATCA is just going to join CBT as another US zombie law - on the books, but largely unenforced and unenforceable, gradually lapsing into irrelevance except for the inconvenience it has created for US expats trying to open bank accounts.


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## Bevdeforges (Nov 16, 2007)

Hey, Trump has been "promising" major tax reform throughout his campaign - and supposedly is on to it now that his health care plan crashed and burned in spectacular fashion. However even the last "major" tax reform (under Reagan) didn't make any mention of the CBT thing. Have heard rumors that some Republican legislators have rallied a few expats with claims that they will repeal FATCA, but given their performance on the ACA, I wouldn't hold my breath on this one, either.

The workers, peasants and soldiers back in the Old Country fully believe that expats and "overseas taxpayers" are all fat-cats on big, corporate expense accounts who have "abandoned" the Fatherland precisely to avoid taxes. FATCA doesn't touch them, so they aren't interested. 

Oh, may we live in "interesting" times!
Cheers,
Bev


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## iota2014 (Jul 30, 2015)

Bevdeforges said:


> Have heard rumors that some Republican legislators have rallied a few expats with claims that they will repeal FATCA, but given their performance on the ACA, I wouldn't hold my breath on this one, either.


I agree. Far less chance than the ACA legislation. Which is probably just as well. Repealing FATCA wouldn't restore the _status quo ante_ for expats and US-born renunciants, now that the due-diligence procedures are all in place. It would just benefit the would-be serious evaders. Only a move to RBT would solve the problems for expats. (IMO)



> The workers, peasants and soldiers back in the Old Country fully believe that expats and "overseas taxpayers" are all fat-cats on big, corporate expense accounts who have "abandoned" the Fatherland precisely to avoid taxes. FATCA doesn't touch them, so they aren't interested.
> 
> Oh, may we live in "interesting" times!


Innit.


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## iota2014 (Jul 30, 2015)

Article in The Hill today (Americans abroad lobby for tax changes | TheHill) says:


> A White House spokeswoman on Monday declined to comment on the administration’s position on FATCA and residency-based taxation, since Trump is still working to create his tax plan.
> [..]
> The top Democrat on the House Ways and Means Committee, Rep. Richard Neal (Mass.), opposes repeal of FATCA but is willing to work with Republicans on some modifications.
> 
> “FATCA has been instrumental in cracking down on tax evasion and improving transparency by requiring information on significant foreign assets held by U.S. taxpayers,” he said. “While I do not support a repeal of this law, I am open to working with my Republican colleagues to make FATCA work more efficiently so that it doesn’t unintentionally harm taxpayers.”


Snort. FATCA is never going to "work efficiently" as long as it's being administered by an agency that's understaffed, strapped for money, living technologically in the 20th century, and sucking in data just to store it in the attic in case it might come in handy some day. I could have told them for starters, all you end up with is an attic full of meaningless junk.

And Neal's desire not to "unintentionally harm _taxpayers_" says it all - the Democrats don't see a problem with causing trouble for anyone who's not paying US taxes - i.e., most expats, most accidentals, all renunciants.


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## Costa55 (Apr 13, 2016)

So what do we have as of yesterday? A few vague snippets of info? Seems like some talk about eliminating many of the deductions in place, people might want simpler tax filing but seriously doubt they'll be happy with more $$ taken out of their pockets in return  

As tax rates fall, some deductions and breaks could go away


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## Bevdeforges (Nov 16, 2007)

Even CNN has been referring to Trump's "plan" as a wish list. And it's clear that there are more benefits for the wealthy (like Trump) or corporations than for the average taxpayer. 

I do note, though, that one of the points seems to be that corporations won't be taxed on their overseas earnings. Hm, wonder if that same principle might be applied to individuals? After all, that's supposed to be one of the justifications often given for the whole CBT thing.
Cheers,
Bev


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