Notice 2018-43 recommendations for IRS guidance | KPMG | GLOBAL

Notice 2018-43: Recommendations requested for IRS, Treasury guidance

IRS Notice 2018-43 recommendations for guidance

The IRS today released an advance version of Notice 2018-43 inviting taxpayer recommendations for items to be included in the 2018-2019 priority guidance plan.

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Notice 2018-43 [PDF 41 KB] reports that the IRS and Treasury:

  • Have been focusing their efforts on guidance projects to implement measures in the new tax law (Pub. L. No, 115-97, enacted December 22, 2017)
  • Expect to continue to concentrate on guidance to implement the new tax law for the balance of the current guidance plan year and for the 2018-2019 plan year
  • Do not expect to be able to complete a number of the guidance projects that appeared on the 2017-2018 priority guidance plan
  • Expect many of the guidance projects on the 2017-2018 priority guidance plan will be carried over to the 2018-2019 priority guidance plan

 

Today’s IRS notice further states that since enactment of the new tax law in December 2017, the IRS and Treasury have received “a number of letters specifically asking for guidance relating to implementation” of the new tax law’s provisions and notes that these suggestions have “informed the projects that are currently in development” and will also be considered for the 2018-2019 priority guidance plan.

Recommendations for items to be considered for the guidance priority plan are requested to be submitted by June 15, 2018.

Notice 2018-43 sets out the type of information and explanations that taxpayers need to provide in recommendations for new guidance or to modify, streamline, or withdraw existing guidance.

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