In an effort to meet President Donald Trump’s demand to reduce the regulatory burden, the Internal Revenue Service (IRS) announced on Tuesday that it intends to eliminate 298 tax regulations it has deemed unnecessary.
The action by the IRS follows a pair of executive orders issued by Trump last year. One directed each government agency to conduct a review of existing regulations, while another instructed the IRS to simplify the tax code through deregulation. Some of the laws identified for removal have been outdated for decades. By eliminating these rules, the agency says it can both reduce the number of regulations taxpayers need to review and improve the “clarity” of the new tax law.
According to a recent study by global financial services technology firm Koger, 56% of executives at hedge funds and private equity firms believe regulatory enforcement has decreased under the new administration. Eighty-five percent of respondents viewedThis post was originally published on this site