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US Treasury Releases 2007-8 Tax Guidance Plan

by Mike Godfrey,, Washington

15 August 2007

The United States Treasury Department and the Internal Revenue Service have released the 2007-2008 Priority Guidance Plan, which outlines new guidance on a wide range of tax issues.

The 2007-2008 Priority Guidance Plan contains 303 projects to be completed over a twelve-month period, from July 2007 through June 2008, and has been drawn up in response to suggestions from taxpayers, tax practitioners, and industry groups.

The guidance in the 2007/8 plan covers a wide range of tax issues including: consolidated returns, corporations and shareholders, employee benefits, excise taxes, exempt organisations, financial institutions and products, general tax issues, gifts, estates and trusts, insurance companies and products, international tax issues, partnerships, subchapter S, tax accounting, tax administration, and tax exempt bonds.

The Treasury began issuing Priority Guidance Plans in 2002. The Department has stated that it intends to update and republish the Priority Guidance Plan periodically again this year, to reflect additional guidance that will be published during the plan year. This allows the 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, the 2006-2007 Priority Guidance Plan was updated to reflect the publication of substantial guidance implementing the Pension Protection Act of 2006, and the announcement of a settlement initiative related to the exercise of certain stock rights.

The Treasury said that it would continue to evaluate the priority of each guidance project in light of developments arising during the 2007-2008 plan year, including the enactment of tax legislation, if any. However, the Department added that 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."

The full text of the 2007-08 Priority Guidance Plan can be found in the Tax News Resources section.
TAGS: tax | accounting | insurance | trusts | legislation | United States

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