Taxing Definitions

Priority Guidance List

Thanks for sharing!
1 minute read
Clipboard with checked=Image source: openclipart.org

When you’re looking for the answer to a tax law question, you turn to guidance published by the Internal Revenue Service, including revenue rulings, revenue procedures, notices and announcements. These documents interpret and explain the Internal Revenue Code. The IRS Office of Chief Counsel and the Treasury Department’s Office of Tax Policy are responsible for drafting and issuing published guidance.

Since 1992, the IRS has used an annual Guidance Priority List, also known as the “Business Plan”, to identify tax issues that need to be clarified through published guidance. The IRS attempts to address items on the list on a July 1 through June 30 time frame. For example, the IRS will issue guidance for items on the 2011/2012 list from July 1, 2011 through June 30, 2012.

Generally, the list is long–the 2010/2011 list contained 310 items–and not all items are completed. The incomplete ones either carry over to the next year’s list or are dropped, depending on tax legislation and other changes. In addition, the IRS can and does issue guidance for items not shown on the list, including items that may be a priority, but are considered sensitive, such as tax shelters. The published list also contains an appendix of procedural, or “ministerial”, guidance that requires no judgment or discretion and is published routinely, such as federal interest rates.

Anyone can make a suggestion for Priority Guidance List topics at any time, though the comment period for a particular year ends on June 1. Suggestions received after that date are considered for the next list.

***

Other posts you might enjoy

Definition — Convenient meals   Image source: Public domain image from Dreamstime.com   Are you eating lunch at your desk? Perhaps your employer provides meals for a business reason, such as when the meals are necessary for you to do your job properly. These "convenience of employer" meals are not taxable to ...
Definition – A whale of a breach   Image source: Sho Hatakeyama on Unsplash Once more into the breach… The security breach of an Equifax online dispute portal from May to July 2017 was a whopper. According to a report published by the US Government Accountability Office in August 2018, records containing personally iden...
Definition — Collecting the debt   Image source: Kody Gautier on Unsplash   Have you heard about the guy who walked into an accounts receivable department to pay a compliment? The old joke may be a possibility for the private debt collection agencies hired by the government to collect delinquent tax debts. A cus...
Definition — Losing the deduction   Image source: Dawid Zawiła on Unsplash   One casualty of the December 2017 federal tax law was the personal casualty and theft loss deduction (section 165 of the internal revenue code). With a few exceptions, as of January 1, 2018, nonbusiness losses from sudden, unexpected, or...
Tagged , , ,