The IRS has released the second quarter update to the agency’s 2017-2018 Priority Guidance Report which shows 18 projects added related to guidance implementing the Tax Cuts and Jobs Act.
Per the statement accompanying the report, it contains “guidance projects that we hope to complete during the twelve-month period from July 1, 2017, through June 30, 2018 (the plan year).”
The statement goes on to describe the additions found in this update:
This second quarter update to the 2017-2018 plan reflects 29 additional projects, including those that have become near term priorities as a result of the Tax Cuts and Jobs Act legislation enacted on December 22, 2017, as well as guidance we published (or released) during the period from October 13, 2017 through December 31, 2017.
The 18 projects identified as related to initial implementation of the Tax Cuts and Jobs Act are:
- Guidance on certain issues related to the business credit under § 45S with respect to wages paid to qualifying employees during family and medical leave.
- Guidance under §§ 101 and 1016 and new § 6050Y regarding reportable policy sales of life insurance contracts.
- Guidance under § 162(m) regarding the application of the effective date provisions to the elimination of the exceptions for commissions and performance-based compensation from the definition of compensation subject to the deduction limit.
- Guidance under § 162(f) and new § 6050X.
- Computational, definitional, and other guidance under new § 163(j).
- Guidance on new § 168(k).
- Computational, definitional, and anti-avoidance guidance under new § 199A.
- Guidance adopting new small business accounting method changes under §§ 263A, 448, 460, and 471.
- Definitional and other guidance under new § 451(b) and (c).
- Guidance on computation of unrelated business taxable income for separate trades or businesses under new § 512(a)(6).
- Guidance implementing changes to § 529.
- Guidance implementing new § 965 and other international sections of the TCJA. (published 01/22/18 in IRB 2018-04 as Notice 2018-07 (Released 12/29/17)).
- Guidance implementing changes to § 1361 regarding electing small business trusts.
- Guidance regarding Opportunity Zones under §§ 1400Z-1 and 1400Z-2.
- Guidance under new § 1446(f) for dispositions of certain partnership interests. (To be published 02/12/18 in IRB 2018-07 as Notice 2018-08 (Released 12/29/17)).
- Guidance on computation of estate and gift taxes to reflect changes in the basic exclusion amount.
- Guidance regarding withholding under §§ 3402 and 3405 and optional flat rate withholding.
- Guidance on certain issues relating to the excise tax on excess remuneration paid by “applicable tax-exempt organizations” under § 4960