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Compliance March 24, 2016
Tell the IRS What to Do Next
The IRS now and again seeks industry input on what tax guidance
to issue next, via its Priority Guidance Plan program.
Reported by PLANADVISER staff
The Department of Treasury and Internal Revenue Service (IRS) are inviting public comment for recommendations of items that should be included in the 2016-2017 Priority Guidance Plan.
In Notice 2016-26, the agencies note that the Treasury Department’s Office of Tax Policy and the IRS use the Priority Guidance Plan each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance. The 2016-2017 Priority Guidance Plan will identify guidance projects that the Treasury Department and the IRS intend to work on as priorities during the period from July 1, 2016, through June 30, 2017.
The Treasury Department and the IRS say they 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. Published guidance plays an important role in increasing voluntary compliance by helping to clarify ambiguous areas of the tax law. The published guidance process is most successful if the Treasury Department and the IRS have the benefit of the experience and knowledge of taxpayers and practitioners who must apply the rules implementing the internal revenue laws.
What the agencies will consider and how to submit recommendations can be found in the Notice.