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Release of IRS 2006 - 2007 Priority Guidance Plan

Tuesday, August 15, 2006 - 3:15PM

The Treasury Department yesterday announced the release of its 2006 - 2007 Priority Guidance Plan. In Notice 2006-36, the Treasury Department solicited suggestions from all interested parties, including taxpayers, tax practitioners and industry groups to formulate a plan that focuses resources on guidance items that are most important to taxpayers and tax administration. The 2006 - 2007 Priority Guidance Plan contains 264 projects to be completed over a 12 -month period, from July 2006 through June 2007. One of the items in the plan is an update of Revenue Procedure 95-28 regarding relief from certain low-income housing tax credit (LIHTC) requirements under Internal Revenue Code Section 42 for LIHTC projects affected by major disasters. In addition to the items on this year's plan, an appendix lists the more routine guidance that is published each year. Copies of the 2006 - 2007 Priority Guidance Plan can be obtained from the IRS web site.

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