Treasury And IRS Publish 2006-07 Priority Guidance Plan

by Glen Shapiro, LawAndTax-News.com, New York

17 August 2006

In a statement published on Tuesday, Eric Solomon, Deputy Assistant Secretary (Regulatory Affairs) with the US Treasury, and IRS Commissioner, Mark Everson announced the release of the 2006 - 2007 Priority Guidance Plan.

The 2006 - 2007 Priority Guidance Plan contains 264 projects to be completed over a twelve-month period, from July 2006 through June 2007. In addition to the items on this year's plan, the Appendix lists the more routine guidance that is published each year.

The officials explained that:

"In 2002, we began issuing updates to the Priority Guidance Plan during the plan year. We intend to update and republish the Priority Guidance Plan periodically again this year to reflect additional guidance that we intend to publish during the plan year. 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."

"For example, we updated the 2005 - 2006 Priority Guidance Plan to reflect the publication of substantial guidance providing relief relating to last year's hurricanes, the announcement of a global tax shelter settlement initiative and an announcement describing the Compliance Assurance Process pilot program. In the past, we have updated the Priority Guidance Plan to add projects necessary to implement recently enacted tax legislation."

"We will continue to evaluate the priority of each guidance project in light of developments arising during the 2006 - 2007 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."

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