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March 12, 2007
HP-319
Solomon, Everson, Korb Joint
Statement on Updated Guidance
Priority List
On August 15, 2006, we released the 2006-2007 Priority Guidance Plan listing 264 projects for the plan year beginning July 1, 2006 and ending June 30, 2007. In our Joint Statement that accompanied the release of the 2006-2007 Priority Guidance Plan, 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 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.
The attached update sets forth the guidance on the original 2006-2007 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 59 items of additional guidance, some of which have already been published. For example, the update reflects the publication of substantial guidance implementing the Pension Protection Act of 2006; the announcement of a settlement initiative for employees of foreign embassies, foreign consular offices and international organizations in the United States; and the announcement of a settlement initiative related to the exercise of certain stock rights. Similarly, the update reflects the publication of guidance relating to topics that were on the original 2006-2007 Priority Guidance Plan such as guidance relating to a safe harbor for telephone excise tax claims; regulations regarding the disclosure of reportable transactions and the list maintenance requirements; an announcement regarding the use of private collection agencies; guidance regarding user fees; and additional guidance implementing various provisions of the American Jobs Creation Act of 2004 and the Tax Increase Prevention and Reconciliation Act of 2005.
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.
The updated 2006-2007 Priority Guidance Plan will be republished on the IRS website on the Internet at http://www.irs.gov/pub/irs-utl/2006-2007pgp.pdf. Copies can also be obtained by calling Treasury's Office of Public Affairs at (202) 622-2960.
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