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Regs, notices, announcements: What’s the difference and why it’s important

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Alice Gilman

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in Centerpiece,Office Management,Payroll Management

In our world—let’s generously call it tax world—there are regulations, or regs, (temporary, proposed and final) and then there’s everything else (notices, announcements, revenue procedures and revenue rulings). For us, all of these guidance documents were sort of interchangeable. You can rely on them, unless the IRS says otherwise. And reliance is key in tax world and in payroll, too.

Apparently, that may not be the case. The IRS unexpectedly shed light on its rulemaking processes. And this may influence how and when they come out with guidance on which you can rely.

Temporary regs

You can always rely on final regs; that’s the point. Unless the IRS says otherwise, you can’t rely on proposed regulations.

And then there are temporary regulations.

The IRS can do things most other federal agencies can’t. It can, for example, issue temporary regs without soliciting comments from the public. And those temporary ...(register to read more)

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