WASHINGTON — The Treasury Department and Internal Revenue Service are seeking public input on which projects should be included on the 2010-2011 priority guidance list.
That list identifies the top priorities for the Treasury’s Office of Tax Policy and the IRS for the period spanning from July 1 through June 30, 2011.
“The Treasury Department and the service recognize the importance of public input to formulate a guidance priority list that focuses resources on guidance items that are most important to taxpayers and tax administration,” according to the notice asking for comments. “Published guidance plays an important role in increasing voluntary compliance by helping to clarify ambiguous areas of the tax law.”
The Treasury said in the notice that it continues to devote “substantial resources” to implementing significant tax legislation, including the American Recovery and Reinvestment Act of 2009 and the Hiring Incentives to Restore Employment Act signed into law March 18, both of which contain a number of municipal bond provisions.
In determining which items to add to the list, the Treasury said it will take into account a number of factors. They include whether the recommended guidance could resolve significant issues affecting many taxpayers, promote sound tax administration, be drafted in a manner that is easily understandable and applicable, be uniformly administered, reduce controversy, and lessen the burdens of taxpayers and the IRS.
The Treasury said it will accept recommendations until June 11. Any recommendations received after that will be considered for the following year’s edition.
If a member of the public wants to make a recommendation, they should briefly describe the guidance they want and why it is needed, as well as some analysis as to how the issue requiring guidance should be resolved.
The Treasury Department is asking those who have more than one recommendation to prioritize them.
