Daily Tax Update - January 30, 2014: Treasury, IRS Release 2013-2014 Second Quarter Update to Priority Guidance Plan

TREASURY, IRS RELEASE  2013-2014 SECOND QUARTER UPDATE TO PRIORITY GUIDANCE PLAN:  The Treasury Department and the IRS have released the Second Quarter Update to the 2013-2014 Priority Guidance Plan.  According to Treasury and IRS, “The 2013-2014 Priority Guidance Plan contains 324 projects that are priorities for allocation of the resources of our offices during the twelve-month period from July 2013 through June 2014 (the plan year). The plan represents projects we intend to work on actively during the plan year and does not place any deadline on completion of projects. Projects on the 2013-2014 plan will provide guidance on a variety of issues important to individuals and businesses, including international taxation, health care, and implementation of legislative changes. The second quarter update to the 2013-2014 plan reflects 11 additional projects that have become priorities and/or guidance we have published during the period from October 1, 2013 through December 31, 2013 of the plan year. We intend to update and republish the 2013-2014 plan during the plan year. The periodic updates allow us flexibility throughout the plan year to consider comments received from taxpayers and tax practitioners relating to additional projects and to respond to developments arising during the plan year.”

The document can be accessed via: 2013-2014, Second Quarter Update

TAX BILLS INTRODUCED JANUARY 29TH:

1. [113rd] H.R.3965 : To amend the Internal Revenue Code of 1986 to exclude major professional sports leagues from qualifying as tax-exempt organizations. Sponsor: Rep Chaffetz, Jason [UT-3] (introduced 1/29/2014)      Cosponsors (None) Committees: House Ways and Means Latest Major Action: 1/29/2014 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


2. [113rd] H.R.3967 : To amend the Internal Revenue Code of 1986 to extend the increased limitation on the cover over of the tax on distilled spirits to Puerto Rico and the Virgin Islands. Sponsor: Rep Pierluisi, Pedro R. [PR] (introduced 1/29/2014)      Cosponsors (1) Committees: House Ways and Means Latest Major Action: 1/29/2014 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


3. [113rd] H.R.3968 : To amend the Internal Revenue Code of 1986 to extend the deduction allowable with respect to income attributable to domestic production activities in Puerto Rico. Sponsor: Rep Pierluisi, Pedro R. [PR] (introduced 1/29/2014)      Cosponsors (1) Committees: House Ways and Means Latest Major Action: 1/29/2014 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


4. [113rd] H.R.3970 : To amend the Internal Revenue Code of 1986 to expand the denial of deduction for certain excessive employee remuneration, and for other purposes. Sponsor: Rep Doggett, Lloyd [TX-35] (introduced 1/29/2014)      Cosponsors (None) Committees: House Ways and Means Latest Major Action: 1/29/2014 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


5. [113rd] H.R.3977 : To amend the Internal Revenue Code of 1986 to allow 529 tuition programs with respect to elementary and secondary education expenses. Sponsor: Rep Salmon, Matt [AZ-5] (introduced 1/29/2014)      Cosponsors (None) Committees: House Ways and Means Latest Major Action: 1/29/2014 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


6. [113rd] S.1970 : A bill to amend the Internal Revenue Code of 1986 to modify safe harbor requirements applicable to automatic contribution arrangements, and for other purposes. Sponsor: Sen Collins, Susan M. [ME] (introduced 1/29/2014)      Cosponsors (1) Committees: Senate Finance Latest Major Action: 1/29/2014 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.