Variety of IRS Rules Up for Revision Under Burden Reduction Initiative

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A number of existing high profile IRS rulemaking projects are under consideration for retrospective analysis under an Obama administration initiative to promote public participation and reduce regulatory burden governmentwide. Executive Order 13563 requires government agencies to periodically review their significant rules to determine whether they could be modified, expanded, streamlined, or repealed to reduce their burden. According to Treasury, the reforms already achieved or proposed promise significant savings in terms of costs and burden-hours.