The IRS faces a long list of tasks if it plans to complete all of the items on its priority guidance plan to implement the new tax law.
The Internal Revenue Service has highlighted several projects, including the pass-through deduction under tax code Section 199A and new international base erosion measures, to address by June 30, the end of the agency's business year.
Pam Olson, the U.S. deputy tax leader and Washington National Tax Services practice leader at PricewaterhouseCoopers LLP, joined Talking Tax host Allyson Versprille on April 20 to discuss the status of regulations for the 2017 tax act (Pub. L. No. 115-97) and what taxpayers and practitioners should expect this summer.
Before joining PwC, Olson was assistant secretary for tax policy at the Treasury Department.
It may be difficult for the government to meet that end-of-June target if history is any indication, according to Olson. The IRS and Treasury have made good progress so far with guidance on the repatriation tax on foreign earnings and profits and the new limitation on the deductibility of business interest expense, she said.
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