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”).
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