The tax space is filled with constantly changing policies and requirements, making the Internal Revenue Service (IRS) Priority Guidance Plan essential to keeping you on track. You don’t want to get into a situation where you’re unaware of some of the tax guidelines, after all, and knowing about the latest regulations could even ensure you’re legally compliant with specific things, too.
The recommendations evolve over time, meaning using the current year’s priority guidance plan is your best bet to being able to address the tax issues that affect you. Here’s everything you need to know about the IRS Priority Guidance Plan, including what it is, what it covers, and how it can help you get the most from your tax return.
What is the IRS Guidance Priority List?
What is an IRS Priority Guidance Plan?
Information to Know in the Priority Guidance Plan
A Priority Guidance Plan can be overwhelming, but there are often details you can skip. You do not need to know about a proposed regulation until it has been formally adopted, for example, and must learn how to read the plan to quickly determine what areas are specific to your needs.
There are “parts” of the Priority Guidance Plan, each of which focuses on a tax code area. Each contains a numbered list of all that is planned by the U.S. Department of Treasury and IRS. Here are some must-know details you’ll want to familiarize yourself with in the 2020-2021 Plan.
Implementation of TCJA
Taxpayer First Act Guidance
Questions about the IRS Priority Guidance Plan?
Downloading the current year’s IRS Priority Guidance Plan is just the first step. You’ll want to explore the full plan for the current year to determine any other information that may pertain to you. An expert tax professional can help you understand the Tax Code more effectively and ensure you’re not missing anything crucial to your tax returns. Be sure to highlight the areas that concern you to determine what type of guidance is available.
When you have questions about the Guidance Plan or need help with tax filings, the team at Silver Tax Group is here to help. Our tax experts are always ready to answer questions and offer guidance about IRS processes, procedures, forms, and myriad other topics. Contact us today to get started.