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Tax Regulations on Hold-The New Regulatory Freeze

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According to a memorandum issued to all agency heads, no federal agency may send regulations to the Federal Register for publishing until advised by the appropriate OMB personnel or designee.   For those regulations that have already been submitted to the Federal Register the agency heads must seek to withdraw them.  Any regulation that has been published in the Federal Register, but aren’t yet effective, those regulations will be postponed a minimum of 60 days with the ability of the agency heads to request a longer suspension.

The only exception are regulations needed for “urgent circumstances relating to health, safety, financial, or national security matters, or otherwise.”  The memorandum explains that the department heads and newly appointed personnel need time to review the regulations and the memorandum is particularly clear that those regulations addressing “questions of fact, law, or policy” could be subject to “further notice-and-comment rule making,” thus further delaying implementation.

There is no carve out in the memorandum for regulations addressing tax matters.  Which tax regulations will become promulgated is not known.  We will keep you posted on any new developments.