

	To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®. March 6, 2006 JS-4095 Department of the Treasury First Periodic Update of the 2005-2006 Priority Guidance Plan Joint Statement by: Eric Solomon Deputy Assistant Secretary (Regulatory Affairs) U.S. Department of the Treasury Mark W. Everson Commissioner Internal Revenue Service Donald L. Korb Chief Counsel Internal Revenue Service On August 8, 2005, we released the 2005-2006 Priority Guidance Plan listing 254 projects for the plan year beginning July 1, 2005 and ending June 30, 2006. In our Joint Statement that accompanied the release of the 2005-2006 Priority Guidance Plan, we emphasized our commitment to increased and more timely published guidance. We indicated that we would update the plan periodically to reflect additional guidance that we intend to publish during the plan year. Updating the plan also provides flexibility to respond to developments arising during the year. The attached update sets forth the guidance on the original 2005-2006 Priority Guidance Plan that we have published. Although the update may indicate that a particular item on the plan has been completed, it is possible that one or more additional projects may be completed in the plan year relating to that item. The update also includes 58 items of additional guidance, some of which have already been published. For example, the update reflects the publication of substantial guidance providing relief relating to last year's hurricanes, the announcement of a global tax shelter settlement initiative and an announcement describing the Compliance Assurance Process pilot program. Similarly, the update reflects the publication of guidance relating to topics that were previously highlighted such as guidance relating to Roth retirement plans, the interaction of the grace period for health flexible spending arrangements and eligibility for contributing to a health savings account, and proposed revisions to Circular 230 relating to practice before the IRS. The update also includes the addition of guidance projects implementing the Energy Policy Act of 2005. We continue to invite the public to provide us with comments and suggestions as we identify and write guidance throughout the plan year. The updated 2005-2006 Priority Guidance Plan will be republished on the IRS website on the Internet (www.irs.gov) under Tax Professionals, IRS Resources, Administrative Information and Resources, 2005-2006 Priority Guidance Plan. Copies can also be obtained by calling Treasury's Office of Public Affairs at (202) 622-2960. REPORTS 2005-2006 Priority Guidance Plan.