The U.S. Department of the Treasury announced immediate action to eliminate 15 rules and guidance materials across Treasury, including the Internal Revenue Service and the Financial Crimes Enforcement Network, as part of a broader effort to remove regulations it views as unnecessary, duplicative, or costly. The package covers a mix of long-standing, now-obsolete requirements and more recent regulations and guidance that Treasury says imposed significant burdens on small businesses. The announcement follows two rules recently rescinded by the Office of the Comptroller of the Currency and builds on Treasury’s interim final rule to scale back FinCEN’s beneficial ownership information reporting requirements, which Treasury estimates would save businesses more than USD 10 billion in first-year reporting costs and USD 9 billion per year thereafter, with FinCEN intending to finalize the scaled-back rule this year. Treasury also signalled further deregulatory steps over the next several months, including additional relief from IRS rules and a review of banking regulations and examination practices.
U.S. Department of the Treasury 2025-04-09
U.S. Department of the Treasury to eliminate 15 IRS and FinCEN rules and guidance to reduce regulatory burden
The U.S. Department of the Treasury announced the elimination of 15 rules and guidance materials across Treasury, including the IRS and the Financial Crimes Enforcement Network, to reduce unnecessary regulatory burdens. This follows recent deregulatory actions by the Office of the Comptroller of the Currency and aims to save businesses significant costs. Treasury plans further deregulatory measures, including relief from IRS rules and a review of banking regulations.