Today, the IRS issued its 2007-2008 Priority Guidance Plan. These are the major issues the IRS expects to complete during the year. There are 303 items on the list.
Poker tournaments remain on the IRS’ radar screen. Like the previous two Priority Guidance Plans, one of the 303 projects is issuing a revenue procedure regarding the withholding rules for poker tournaments.
Other items on the list that appear interesting include:
– Guidance on the treatment of wrap fees;
– Guidance under section 263A regarding the treatment of post-production costs, such as sales-based royalties;
– Revenue procedure under section 6213 regarding internet and oral change of address requests;
– Guidance under section 6676 regarding the penalty for erroneous claims for refund; and
– Guidance under section 6694, as amended, regarding the penalty for understatements of taxpayer’s liability by tax return preparers.
There’s plenty more, especially in technical guidance issues. I’ll point out (as I did last year) that many of these 303 items will not be addressed by the IRS during the coming twelve months.