IRS Sets Priorities
The IRS has released its annual Guidance Priority List, making public the agency's itinerary for the 18 months to come. The Guidance Priority List is a list of items on which the IRS plans to issue formal rules and guidance. This year's list includes 299 items, with more items in the area of employee benefits (66 items), which encompasses retirement benefits and executive compensation, than in any other category.
Some items have been carried over to this year's list, incomplete from last year. These items may continue to be carried forward if no detail is provided. In particular, guidance on cash balance plans has been carried over but no details are included on the list as to what sort of guidance is required for these plans.
For the first time, the annual list covers a period of 18 months instead of the usual 12. Hoping to avoid a midnight-hour publishing deluge, the agency will have an extra six months, until June 30, 2002, to complete the items slated for this year.