The IRS released its 2006-2007 Priority Guidance Plan earlier this month. There are 264 projects listed. Some of the projects include:
- Regulations to facilitate electronic filing and reduce taxpayer burden [for corporations]. Temporary regulations were published on May 30, 2006.
- Guidance regarding the treatment of incidental health insurance benefits provided under a profit-sharing or stock bonus plan.
- Revenue ruling on taxable health benefits for beneficiaries.
- Guidance on Health Savings Accounts.
- Guidance on political activities by section 501(c)(3) [charitable] organizations.
- Guidance on the treatment of fees incurred in credit card transactions [for financial institutions].
- Revenue procedure under section 3402 regarding the withholding rules applicable to poker tournaments.
It should be noted that just because an item is listed does not mean that the IRS will take action. For example, the revenue procedure for poker tournaments was on the 2005-2006 Guidance Plan and no action was taken. However, when an item appears for two straight years, it’s likely that the IRS will eventually release something.