Regulatory Crackdown May Open Up Tax Loopholes

By Vidya Kauri (October 6, 2017, 7:02 PM EDT) -- The U.S. Treasury Department's surprising disclosure that it may revoke more than 200 tax regulations beyond the scope of a presidential order could ultimately open up unintentional loopholes and leave taxpayers wanting for necessary guidance.

Treasury Secretary Steven Mnuchin released the department's final report on Oct. 4 naming eight specific regulations that it intends to amend or revoke after President Donald Trump issued an order in April to review all significant tax regulations published since the beginning of 2016.

However, the report noted that a "regulatory reform task force" has also begun reviewing regulations predating 2016 and has identified more than...

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