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ARTICLE · 10 NOVEMBER 2016

IRS And Treasury Release Update To 2016-2017 Priority Guidance Plan

McDermott Will & Emery
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The US Department of the Treasury and IRS issue Priority Guidance Plans each year to identify and prioritize the tax issues they believe should be addressed through regulations...

United StatesTax
Elizabeth Erickson
Elizabeth Erickson
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The US Department of the Treasury and Internal Revenue Service (IRS) issue Priority Guidance Plans each year to identify and prioritize the tax issues they believe should be addressed through regulations, revenue rulings, revenue procedures, notices and other published administrative guidance.  On October 31, 2016, the IRS and Treasury released the first quarter update to the 2016-2017 Priority Guidance Plan originally released on August 15, 2016.

The original plan identified 281 guidance projects as priorities, and the first quarter update includes an additional six guidance projects.  The additional projects include:

  • Guidance regarding the removal of the no-rule positions for certain legal issues concerning device and business purpose under section 355 (PUBLISHED 09/12/16 in IRB 2016-37 as REV. PROC. 2016-45 (RELEASED 08/26/16)).

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