Sunday, April 20, 2008

Department of Treasury and IRS Issue Notice Seeking Recommendations for the 2008-2009 Guidance Priority List

The Department of Treasury and Internal Revenue Service through Notice 2008-47 invite public comment on recommendations for items that should be included on the 2008-2009 Guidance Priority List. Below is an excerpt of the notice. The full notice can be viewed by clicking here, Notice 2008-47.

The Treasury Department's Office of Tax Policy and the Service use the Guidance Priority List each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance. The 2008-2009 Guidance Priority List will establish the guidance that the Treasury Department and the Service intend to issue from July 1, 2008, through June 30, 2009. The Treasury Department and the Service recognize the importance of public input to formulate a Guidance Priority List that focuses resources on guidance items that are most important to taxpayers and tax administration.

Published guidance plays an important role in increasing voluntary compliance by helping to clarify ambiguous areas of the tax law.

.  .  .

In reviewing recommendations and selecting projects for inclusion on the 2008-2009 Guidance Priority List, the Treasury Department and the Service will consider the following:

1. Whether the recommended guidance resolves significant issues relevant to many taxpayers;

2. Whether the guidance may be appropriate for enhanced public involvement through the process described in Notice 2007-17, 2007-12 I.R.B. 748;

3. Whether the recommended guidance promotes sound tax administration;

4. Whether the recommended guidance can be drafted in a manner that will enable taxpayers to easily understand and apply the guidance;

5. Whether the Service can administer the recommended guidance on a uniform basis; and

6. Whether the recommended guidance reduces controversy and lessens the burden on taxpayers or the Service.

Taxpayers may submit recommendations for guidance at any time during the year.

Please submit recommendations by May 31, 2008, for possible inclusion on the original2008-2009 Guidance Priority List. The Treasury Department and the Service plan to update the 2008-2009 Guidance Priority List periodically to reflect additional guidance that the Treasury Department and the Service intend to publish during the plan year.

The periodic updates allow the Treasury Department and the Service to respond to the need for additional guidance that may arise during the plan year. Recommendations for guidance received after May 31, 2008, will be reviewed for inclusion in the next periodic update.

AMT

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