07 05 2018

IRS Proposes To Prioritize Tax Cuts And Jobs Act Guidance

The United States Treasury Department and the Internal Revenue Service will delay a number of guidance projects until later years as they prioritize guidance connected with the tax reform provisions in the Tax Cuts and Jobs Act.

In Notice 2018-43, inviting public comment on the 2018/19 Priority Guidance Plan, the Treasury Department and the IRS said that they expect to concentrate on guidance implementing the TCJA for the remainder of the current plan year (2017/18) and during the 2018/19 plan year. Consequently, a number of guidance projects included in the current plan year will be carried over to next year.

"Since the enactment of the Act, the Treasury Department and the IRS have received a number of letters specifically asking for guidance related to the implementation of provisions in the Act," the notice states. "These suggestions have informed the projects that are currently in development and will also be considered in formulating the 2018- 2019 Priority Guidance Plan, as will any additional recommendations for guidance related to the Act."

The Treasury Department's Office of Tax Policy and the IRS use the Priority Guidance Plan to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance. The 2018-2019 Priority Guidance Plan will identify guidance projects that the Treasury Department and the Service intend to work on as priorities during the period from July 1, 2018, through June 30, 2019.