The Treasury and IRS have released their second quarter update to the 2017-2018 Priority Guidance Plan. The updated 2017-2018 Priority Guidance Plan now reflects 29 additional projects, including 18 projects that have become near term priorities as a result of the Tax Cut and Jobs Act of 2017.
As in the past, but made more urgent by the Tax Cuts and Jobs Act, the IRS intends to update it cumulative 2017-2018 Priority Guidance Plan to consider comments received from taxpayers and tax practitioners relating to additional projects and to respond to developments arising during the plan year.
Response to new law
Part 1 of the updated Priority Guidance Plan, "Initial implementation of Tax Cuts and Jobs Act (TCJA)," contains plans for guidance on 18 targeted areas, including the following:
IRS resources
Although IRS officials have said that its updated list is not exclusive, they have emphasized that the items on the list will be its first order of business, which it hopes to get through by July. Treasury Secretary Steven Mnuchin predicted in mid-January that the IRS will hire more employees to implement the Tax Cuts and Jobs Act: "Our number one issue is implementing the new tax law," Mnuchin said.