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August 13, 2007
HP-533
Department of the Treasury
2007-2008 Priority Guidance Plan
Joint Statement by:
Eric Solomon
Assistant Secretary (Tax Policy)
U.S. Department of the Treasury
Kevin M. Brown
Acting Commissioner
Internal Revenue Service
Donald L. Korb
Chief Counsel
Internal Revenue Service
Washington -- We are pleased to announce the release of the 2007-2008 Priority Guidance Plan.
In Notice 2007-41, we solicited suggestions from all interested parties, including taxpayers, tax practitioners, and industry groups. We recognize the importance of public input to formulate a Priority Guidance Plan that focuses resources on guidance items that are most important to taxpayers and tax administration.
The 2007-2008 Priority Guidance Plan contains 303 projects to be completed over a twelve-month period, from July 2007 through June 2008. In addition to the items on this year's plan, the Appendix lists the more routine guidance that is published each year.
In 2002, we began issuing updates to the Priority Guidance Plan during the plan year. We intend to update and republish the Priority Guidance Plan periodically again this year to reflect additional guidance that we intend to publish during the plan year. The periodic updates allow us flexibility throughout the plan year to consider comments received from taxpayers and tax practitioners relating to additional projects and to respond to developments arising during the plan year. For example, we updated the 2006 - 2007 Priority Guidance Plan to reflect the publication of substantial guidance implementing the Pension Protection Act of 2006 and the announcement of a settlement initiative related to the exercise of certain stock rights. We will continue to evaluate the priority of each guidance project in light of developments arising during the 2007-2008 plan year, including the enactment of tax legislation, if any.
The published guidance process can be fully successful only if we have the benefit of the insight and experience of taxpayers and practitioners who must apply the rules. Therefore, we invite the public to continue to provide us with their comments and suggestions as we write guidance throughout the plan year.
Additional copies of the 2007-2008 Priority Guidance Plan can be obtained from the IRS website on the Internet at http://www.irs.gov/pub/irs-utl/2007-2008 . Copies can also be obtained by calling Treasury's Office of Public Affairs at (202) 622-2960.
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