The U.S. Treasury Department and IRS today released the second quarter update to the 2018-2019 priority guidance plan.
The 2018-2019 priority guidance plan (November 2018) listed the guidance priorities for Treasury and the IRS for the 12-month period from July 1, 2018, through June 30, 2019, and contained 239 guidance projects.
Most of these projects do not involve the issuance of new regulations. Rather, these projects provide helpful guidance to taxpayers on a variety of tax issues important to individuals and businesses in the form of: (1) revocations of final, temporary, or proposed regulations; (2) notices, revenue rulings, and revenue procedures; (3) simplifying and burden-reducing amendments to existing regulations; (4) proposed regulations; or (5) final regulations adopting proposed regulations.
The second quarter update [PDF 181 KB] to the 2018-2019 plan reflects 38 additional projects were published (or released) during the period from November 8, 2018, through December 31, 2018.
Today’s update further states that because of the partial government shutdown in late 2018 and early 2019, certain projects that might otherwise have been published and released during the second quarter were not published and released until the third quarter. The update also reflects 64 various guidance projects related to the initial implementation of Pub. L. No. 115-97 (the law that is often referred to as the “Tax Cuts and Jobs Act”).
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.