The IRS has released its Priority Guidance Plan for 2021-2022. The Priority Guidance Plan begins as follows:
We are pleased to announce the release of the 2021–2022 Priority Guidance Plan.
In Notice 2021-28, the Department of the Treasury (Treasury Department) and the Internal Revenue Service (Service) solicited recommendations for items to be included in the plan from all interested parties, including taxpayers, tax practitioners, and industry groups. The Treasury Department and the Service recognize the importance of public input in formulating a Priority Guidance Plan that focuses resources on guidance items that are most important to taxpayers and tax administration. Solicitation of input on, and issuance of, this plan reflects an emphasis on taxpayer engagement with the Treasury Department and the Service through a variety of channels, consistent with the directive of the Taxpayer First Act, Pub. L. 116-25, 133 Stat. 981.
The 2021–2022 Priority Guidance Plan contains 193 guidance projects that are priorities for allocating Treasury Department and Service resources during the 12-month period from July 1, 2021 through June 30, 2022 (the plan year). The projects on the plan will be the focus of our efforts during the plan year. However, the plan does not provide any deadline for completing the projects.
Some projects that were on the 2020-2021 Priority Guidance Plan have not been included on the 2021-2022 plan because they are no longer considered priorities for purposes of allocating resources during the 2021- 2022 plan year. Some of those projects may be considered for inclusion on a future priority guidance plan.
In addition to the items on the 2021–2022 plan, the Appendix lists the more routine guidance that is generally published each year.
We intend to update the 2021–2022 plan during the plan year to reflect additional items that have become priorities, guidance that we have published during the plan year, and projects that may result from legislative developments. The periodic updates allow us flexibility throughout the plan year to consider comments received from taxpayers and tax practitioners relating to additional projects and to respond to developments arising during the plan year.
The published guidance process can be fully successful only if we have the benefit of the insight and experience of taxpayers and practitioners who must apply the rules. Therefore, we invite the public to continue to provide us with their comments and suggestions as we write guidance throughout the plan year.
Additional copies of the 2021–2022 Priority Guidance Plan can be obtained from the IRS website at http://www.irs.gov/uac/Priority-Guidance-Plan.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.