The White House Office of Management and Budget Has Not Yet Reviewed any New Tax Law Rules

Based on a new arrangement between the White House Office of Management and Budget (OMB) and Treasury, regulations and other guidance that have policy or economic significance will undergo a compliance review by the OMB. A senior administration official recently stated that Treasury and IRS have not yet sent any new tax regulations or guidance to the OMB for review, despite officials at those agencies indicating that guidance on several elements of the TJCA are forthcoming in the near term.  The effect of the OMB’s review on such guidance is uncertain, but the timeline of OMB’s review is generally not supposed to exceed 10 days.

Read more: OMB hasn’t begun formally reviewing any new tax cut rules yet

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