Page 248 - Large Business IRS Training Guides

Treasury Regulations

• Treasury regulations carry the force and effect of law.

• Treasury regulations are the official Treasury

interpretation of the Code.

• Section 7805 of the Code gives the Secretary of the

Treasury the authority to create the necessary rules and

regulations to enforce the Code. Sometimes, specific

Code statutes authorize the Secretary to issue

regulations.

• Regulations are issued to provide guidance on new

legislation, e.g. TCJA, and on projects listed in the Priority

Guidance Plan (PGP) published annually by the IRS and

Treasury Department.

178