[EstGift] [filtered] FW: 2024-2025 Priority Guidance Plan

[Kaufman, Beth Shapiro]

All,
ACTEC is planning to submit suggestions for the IRS Priority Guidance Plan for the upcoming year.  Details are below.
If you have any ideas for guidance that you think should be included in ACTEC’s submission, please send me your thoughts in the next week or so.
Many thanks,
Beth

Message sent of behalf of William I.( Bill) Sanderson, Chair Washington Affairs Committee

Dear Committee Chairs –

The Treasury Department Office of Tax Policy and IRS recently issued a call for suggestions for the 2024-2025 Priority Guidance Plan. In the past, ACTEC has prepared a joint submission, with input from all the substantive committees. The Washington Affairs Committee would like to help coordinate that submission. I am reaching out to each of you, as chairs of the substantive committees, to ask for your support in this effort.

If your committee has input on items that should be added to the priority guidance plan, or if there are items on the plan that should be prioritized, we can prepare a letter from ACTEC that highlights these issues. The Priority Guidance Plan identifies the important issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other guidance. It has historically included several important topics related to estate and gift tax and our area of practice. We have an opportunity to weigh in now, to help shape the conversation. And I look forward to working with you to do that.

Public comments – including any submission from ACTEC – need to be submitted by May 31, 2024. The Washington Affairs Committee is asking for any submissions from your committees by May 1, 2024. This will allow sufficient time for our team to review, edit, and coordinate the submission and for the EC to approve.

In reviewing items for inclusion on the plan, Treasury and IRS will consider:


  *   Whether the recommended guidance resolves significant issues relevant to a broad class of taxpayers;
  *   Whether the recommended guidance reduces controversy and lessens burdens on taxpayers and the IRS;
  *   Whether the recommended guidance relates to recently enacted legislation;
  *   Whether the recommendation involves existing regulations that are outdated, unnecessary, ineffective, or unnecessarily burdensome;
  *   Whether the recommended guidance promotes sound tax administration;
  *   Whether the IRS can administer the recommended guidance on a uniform basis; and
  *   Whether the recommended guidance can be drafted in a manner that will enable taxpayers to easily understand and apply the guidance.

For more on request for submissions and the current priority guidance plan, see:


  *   https://www.taxnotes.com/tax-notes-today-federal/tax-system-administration/irs-seeks-recommendations-2024-2025-priority-guidance-plan/2024/03/08/7j8zb<https://www.taxnotes.com/tax-notes-today-federal/tax-system-administration/irs-seeks-recommendations-2024-2025-priority-guidance-plan/2024/03/08/7j8zb>
  *   https://www.irs.gov/pub/irs-utl/2023-2024-priority-guidance-plan-initial-version.pdf<https://www.irs.gov/pub/irs-utl/2023-2024-priority-guidance-plan-initial-version.pdf>


Please let me know if you have any questions or would like to set up a time with me to discuss.

Thanks –

Bill

William I. Sanderson
Partner
McGuireWoods LLP
323 Second St. SE
Suite 700
Charlottesville, VA 22902
T:   +1 434 980 2240
F:   +1 434 980 2260
wsanderson at mcguirewoods.com<mailto:wsanderson at mcguirewoods.com>
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[McGuireWoods LLP]<http://www.mcguirewoods.com/>

________________________________

Beth Shapiro Kaufman​​​​
Partner
National Chair, Private Client Services
Lowenstein Sandler LLP
T: (202) 753-3787<tel:(202)%20753-3787>
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