Allows the Internal Revenue Service (IRS) to either conduct the required panel review or not follow the review procedures with respect to a temporary regulation, but requires the IRS to notify the Chief Counsel of the reasons for not following such procedures.
Requires an initial and final regulatory flexibility analysis to include assessments of the costs and benefits to small businesses of the proposed and final rule.
Requires agency publication of the decision to certify a rule that such agency determines will not have a significant economic impact on a substantial number of small businesses, including a summary of the analysis and data supporting such decision.
Provides for judicial review of rule certification decisions.