George Hani commented on President Trump's recent executive order requiring the elimination of two regulations for every new one issued. The order's language appears to apply a broad definition to the term "regulation," but interim guidance explains the "two-for-one" order restricts the application to "significant regulatory action," as defined by Executive Order 12866, issued in 1993. This interim guidance provides a potentially "yes but no scenario" as to whether the directive applies to tax regulations on a wide scale, Hani said. The IRS and Treasury typically treat tax regulations as not meeting this "significant" threshold under the 1993 Executive Order. That could change. "I think in today's political climate all past decisions are subject to reconsideration and the Trump administration may view things differently," Hani said.