Regulation Removing Regulations (Part 1)


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To that end we got Executive Orders 13777 (2/24/17) and 13789 (4/21/17) and this morning the IRS released a proposed regulation to remove 298 obsolete and non-applicable regulations.

There are six pages that apply to pensions and, in that way regulators seem to have of masking what they are doing, there is some work to be done to figure out what would change. We will get to that in the second part of this series but if any of you see anything that stands out, please comment.

 

6 responses to this post.

  1. Looks good to me (eye roll as I know zero about how these ill impact the tax code 🙂 )

    Reply

  2. Why I do read and understand greek, this looks old greek and beyond me.
    Mr. Bury, I cannot wait for the summary.
    Tim Alexander
    Triune
    805-502-4943
    tim@triunegfs.com

    Reply

    • Posted by Tough Love on February 13, 2018 at 1:31 pm

      Not Greek, simply sections of the of the IRS Code, or more formally:

      U.S. Code: Title 26 – INTERNAL REVENUE CODE – Subtitle A – Chapter 1 – Subchapter D (Deferred Compensation, Etc.)

      Hard to believe an “economist” is so unfamiliar with this. And “beyond you” too ?

      Reply

    • Posted by Stephen Douglas on February 15, 2018 at 4:41 pm

      Might as well be Greek.

      Some of these laws are so garbled one has to read through several times to get the gist. Then, three clauses down, there is an unexpected exception.

      IRS…

      “Revoke IRS Revenue Ruling 2006-43. It prevents allowing public employees the option of reducing defined benefit pension benefits in exchange for better pay. Dumping the rule would help not only taxpayers, but the public employees themselves.”

      https://voiceofoc.org/2017/11/moorlach-a-crucial-pension-reform-congress-must-enact/

      But no, even if the union agrees… Can’t be done.

      Reply

  3. Posted by geo8rge on February 14, 2018 at 12:39 pm

    You can put the citations in quotes and find the specific things they are referencing. I seem to get .gov sites when the quotes are there.

    Search on “1.381(c)(11)-1” to get to
    https://www.gpo.gov/fdsys/pkg/CFR-2011-title26-vol4/pdf/CFR-2011-title26-vol4-sec1-381c11-1.pdf

    They are removing 1.404(a)-9, search on “1.404(a)-9” cornell . I added Cornell as their web site is a bit better formated.

    https://www.law.cornell.edu/cfr/text/26/1.404%28a%29-9

    The hard part is reading it. To me it seems they are removing income restrictions for a deduction. But is anyone being restricted by this section of the tax code?

    I wonder if a FOIA request would produce the number of tax returns using these obsolete changes?

    Reply

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