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The ABA Tax Section will play an important role in helping U.S. Treasury and Internal Revenue Service officials identify priorities for new guidance in the wake of the most profound U.S. tax overhaul in three decades, an official said.
The 2017 tax act has come into effect and “there is a lot of hurry up to put out regulations,” said John Thorner, Director, Section of Taxation of the American Bar Association.
See interview here: https://www.bna.com/aba-tax-section-m57982089175/.
As with all legislation there is a formal process of putting out rules and regulations, Thorner said, speaking Feb. 8 at the ABA tax section’s meeting in San Diego. “Typically the ABA Tax Section plays a significant role in filing formal comments on proposed regulations.”
“This time we are playing a much more significant and earlier role because the IRS is looking to groups like ours to even identify what issues they should work on and in what priority,” he said.
The tax section’s members are providing “input to people at Treasury and at the IRS on what areas of confusion there are, and what things need to be clarified, and giving them a priority on how they should approach it,” the ABA official said.
In the interview with Bloomberg Tax, Thorner also discussed the significance of the 80 government officials speaking on the San Diego meeting panels, and the tax section’s 2018 plans for continuing legal education.
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