Daily Tax Update - October 20, 2017: Treasury, IRS Release 2017-2018 Priority Guidance Plan

Treasury, IRS Release 2017-2018 Priority Guidance Plan:  Today, Treasury and the IRS released the 2017-2018 Priority Guidance Plan (PGP), which contains guidance projects that Treasury and the IRS “hope to complete” during the plan year (July 1, 2017, through June 30, 2018). The PGP notes that most of the guidance projects do not involve the issuance of new regulations. Instead, most of the projects “will provide helpful guidance to taxpayers on a variety of tax issues important to individuals and businesses in the form of: (1) revocations of final, temporary, or proposed regulations; (2) notices, revenue rulings, and revenue procedures; and (3) simplifying and burden reducing amendments to existing regulations.” Treasury and the IRS intend to update and republish the 2017-2018 PGP during the plan year.