Daily Tax Update - April 21, 2014: Third-Quarter Update for 2013-2014 Priority Guidance Plan Released

THIRD-QUARTER UPDATE FOR 2013-2014 PRIORITY GUIDANCE PLAN RELEASED:  Today, the Treasury Department and the IRS released the third-quarter update for the 2013-2014 Priority Guidance Plan. According to a joint statement from the agencies, “The third quarter update to the 2013-2014 plan reflects 19 additional projects that have become priorities and/or guidance we have published during the period from January 1, 2014 through March 31, 2014 of the plan year.” Treasury and IRS also said they intend to update the plan during the year.

The plan can be accessed via: 2013-2014, Third Quarter Update

IRS CORRECTS CERTAIN ERRORS IN AMENDMENTS TO FATCA REGULATIONS:Today, the IRS issued corrections to final and temporary FATCA regulations (T.D. 9658).  The corrections solely address errors relating to the §1.6045-1T rules relating to sales by brokers.  The IRS stated: “The temporary regulation contains errors in the instructions that need to be corrected. First, the instructions indicate that §1.6045-1T is amended. However, the temporary regulation is added, not amended. Second, the instructions do not add paragraphs (m) through (o), which should be included in the temporary regulation by cross-reference to the final regulation. The correcting amendments add the temporary regulation, including paragraphs (m) through (o).”  Additional FATCA technical corrections are anticipated.

The corrections can be accessed via: TD 9658.pdf