Treasury & the IRS have produced the Administrative Record (AR), and its totally bare. There is not one single email or document that even suggests they considered the RFA or PRA at all. So there is not a bit of evidence to support their certifications under these two laws.
Quite the opposite. The AR is full of evidence that the regs would have a tremendous impact on a huge number of businesses.
The following is all included in the AR:
(i) Hundreds (!!!) of emails that businesses sent the government complaining about the impact that the Transition & GILTI taxes would have on the, all included in the AR.
(ii) Over 80 formal comments that businesses submitted during the comment period raising the same concerns. (The Government's answer admits that these comments amounted to over half the total comments)
(iii) Live testimony by American Citizens Abroad (ACA) during the formal hearing
(iv) Articles published in leading US publications by reputable US tax professionals describing the impact that the Transition/GILTI taxes would have on smaller businesses
Then there were all my communications with the defendants, not one which was included for some reason.
Anyways, things look very good.
