State of play: A May methods update

At last week’s ABA May Tax Meeting, government attorneys from both the Internal Revenue Service National Office Income Tax & Accounting division (IT&A) and the Department of the Treasury provided updates to taxpayers and practitioners on the status of guidance projects, and offered clarification regarding certain recent legislative proposals. IT&A leadership acknowledged that while during the onboarding of a new administration the guidance process tends to slow, the Biden Administration came in quickly with experienced leadership, ready to work and “firing on all cylinders.”

Our Legal Alert walks through several of the tax accounting and federal updates the government attorneys provided, insight with respect to future pieces of guidance and legislative proposals, and what taxpayers should anticipate in coming months.

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