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IRS Makes Dodd-Frank Mandated Language Changes to Regulations - Emil Estafanous, CPA : Emil Estafanous, CPA

IRS Makes Dodd-Frank Mandated Language Changes to Regulations

To approve with mandate of a Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), a IRS has released proxy and due regulations that mislay all references to “credit ratings” from a Treasury regulations (T.D. 9533 and REG-118809-11). The regulations yield surrogate standards of credit-worthiness.

The Dodd-Frank Act requires all sovereign agencies to mislay any anxiety to, or requirement of faith on, credit ratings from their regulations and to surrogate such customary of credit-worthiness as a group deems suitable for such regulations.

The proxy regulations impact Secs. 150, 171, 197, 249, 475, 860G, 1001, and 4101. Most of a changes to a regulations engage elementary deletions and/or substitutions where a difference “credit ratings” or “credit agencies” appear. For example, in Regs. Sec. 1.171-1(f), “credit rating” is altered to “credit quality.” The law preliminary states that where surrogate denunciation is provided, a IRS intends merely to heed to a mandate of a Dodd-Frank Act, and that no concrete change is intended.

The proxy regulations are effective on their announcement in a Federal Register. Comments can be submitted during a Federal eRulemaking Portal, underneath IRS REG-118809-11, and should be submitted on or before Aug 30, 2011.

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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