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U.S. 2021-2022 Priority Guidance Plan Issued — Orbitax Tax News & Alerts

The U.S. Treasury Department and the IRS have issued the initial version of the 2021-2022 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 2021 through 30 June 2022.

The Priority Guidance Plan is broken down into several areas, including:

  • 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;
  • Partnerships;
  • S Corporations;
  • Tax Accounting;
  • Tax Administration; and
  • Tax-Exempt Bonds.

In total, the 2021-2022 Priority Guidance Plan contains 193 guidance projects that are priorities, although the plan may be updated during the plan year to reflect additional items that have become priorities, guidance that is published during the year, and projects that may result from legislative developments. In addition to the main projects included in the 2021-2022 plan, the Appendix lists the more routine guidance that is generally published each year.

The 2021-2022 Priority Guidance Plan and prior years' plans and updates can be found on the IRS Priority Guidance Plan webpage.