If there was an underlying theme to the 2017 Enrolled Actuaries meeting it was uncertainty – as to what the tax laws will be and how the current laws would be interpreted and regulated. From session 701: Dialogue with the IRS/Treasury here are my notes on issues not previously covered:
The policies of the new administration are “not well-defined.”
Guidance process slowed down – no regulations.
No policy direction.
Trump’s ‘Two-for-One’ Executive Order on regulations is difficult to implement since there is confusion as to the definition of a ‘regulation’ that would be counted as one of the two that had to be repealed in order to implement a new one.
Unreliable Determination letters (DL):
- Have facts changed?
- Has law changed?
- Were facts hidden?
Average DL takes three hours of review so some DLs may not have been correct (like those church plan letters?)
Project is underway to update Top-Heavy regulations for statutory changes since their effective date in 1983.