IRS Seeks Taxpayer Input For 2017-18 Priority Guidance Plan
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The Internal Revenue Service (IRS) and the Treasury are seeking feedback on what guidance should be prioritized to clarify parts of the tax code and explain policies.
The 2017-18 Priority Guidance Plan is intended to “identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance.”
The IRS said that this year’s consultation is particularly important in light of the recent Executive Order no. 13771, on “Reducing Regulation and Controlling Regulatory Costs.” This order requires federal agencies to repeal two existing regulations for every new regulation, whilst reducing the cost of regulations. As well as asking for feedback on areas where guidance and clarification is required, the agency is hoping to hear from taxpayers as to how to reduce taxpayer compliance burdens while complying with that Order.
Paul S. Herman CPA, a tax expert for individuals and businesses, is the founder of Herman & Company, CPA’s PC in White Plains, New York. He provides guidance and strategies to improve clients’ financial well-being.
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