The Offie of Tax Policy and the IRS have released their 3rd quarter update to their 2018-2019 Priority Guidance Plan.
Each year, the Treasury Department’s Office of Tax Policy and the IRS use the Guidance Priority List to identify and prioritize that tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance. The Guidance Priority List focuses resources on guidance items that are most important to taxpayers and tax administration. Published guidance plays an important role in increasing voluntary compliance by helping to clarify ambiguous areas of the tax law.
The third quarter updated focuses on the following topics:
- Implementation of the Tax cuts and Jobs Act (TCJA).
- Identifying and reducing regulatory burdens under the new partnership audit rules.
- Various other projects.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..