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United States

10 October 2019

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U.S. 2019-2020 Priority Guidance Plan Issued

The U.S. Treasury Department and the IRS have issued the initial version of the 2019-2020 Priority Guidance Plan. The Priority Guidance Plan is developed 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, which the Treasury and IRS hope to complete during the period from 1 July 2019 through 30 June 2020.

The Priority Guidance Plan is broken down into six main parts:

  • Part 1, which includes guidance and regulations for the implementation of the Tax Cuts and Jobs Act;
  • Part 2, which includes regulations and adjustments in relation to identifying and reducing regulatory burdens as per Executive Order 13789;
  • Part 3, which includes guidance and regulations for burden reduction;
  • Part 4, which includes guidance and regulations for the Taxpayer First Act;
  • Part 5, which includes regulations for the partnership audit regulations; and
  • Part 6, which includes general guidance in various areas, including in relation to consolidated returns, corporations and their shareholders, employee benefits, excise tax, exempt organizations, financial institutions and products, general tax issues, gifts and estates and trusts, insurance companies and products, international issues, partnerships, tax accounting, and tax administration.

In total, the 2019-2020 Priority Guidance Plan contains 203 guidance projects. As of 30 September 2019, 31 guidance items have been released. In addition to the main projects included in the 2019-2020 plan, the Appendix lists routine or ministerial guidance that is generally published each year.

The 2019-2020 Priority Guidance Plan and prior years' plans and updates can be found on the IRS Priority Guidance Plan webpage.

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