IRS Releases Priority Guidance Plan for 2018-2019
On November 8, the IRS and Treasury Department released their priority guidance plan (PGP) for 2018-2019, which includes a number of projects concerning the implementation of the Tax Cuts and Jobs Act. Planned projects include finalizing regulations under sections 199A (the 20% deduction for qualifying business income) and 951A (global intangible low-taxed income) and issuing regulations for section 163(j) (the interest deduction limitation); sections 959 and 961 (previously taxed earnings and profits); and sections 901, 960, and 78 (foreign tax credits). In total, the PGP includes 239 guidance projects to be completed by June 2019, although 45 of those items have already been released as of October of this year.
Read PGP: 2018-2019 Initial Version
Read more: Priority Plan Shows New TCJA Regulatory Projects Underway