Tax Reform Guidance Will Take Years, IRS Chief Says (article)

Tax Reform Guidance Will Take Years, IRS Chief Says (article)

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Tax Reform Will Take TimeActing IRS Commissioner David Kautter told lawmakers on April 11 that implementing tax reform is one of the IRS's highest priorities, but issuing guidance will likely take years. "Preliminary efforts to implement this new law are already underway," Kautter said during a House Appropriations Financial Services Subcommittee hearing. The Tax Cuts and Jobs Act (TCJA) was enacted in December 2017.

Kautter testified before the committee on the IRS's budget and current operations. Kautter discussed the IRS's creation of the Tax Reform Implementation Office (TRIO), which is run by IRS senior leadership. Kautter said at a recent tax-related event that TRIO is the IRS's "tax reform linchpin."

Completing guidance on the new law will take the IRS years, according to Kautter. "It will take us a couple of years, at least, to get guidance out on the entire bill," Kautter told appropriators.

Kautter highlighted guidance already issued on the new law that addresses amended Code Sec. 965 and the new Code Sec. 1446(f). "Additional published guidance on the new tax law will be provided as the IRS continues to analyze the law and its impact on tax administration," Kautter testified.

Additionally, Kautter listed the tasks IRS must complete to implement tax reform. These include "re-programming approximately 140 interrelated return processing systems in conjunction with creating or revising approximately 450 tax forms, publications and instructions; publishing guidance, notices, and Frequently Asked Questions (FAQ); preparing the IRS workforce to help taxpayers understand how the new law applies to them; and importantly, providing taxpayer assistance and outreach," Kautter said.


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Tax Reform Guidance Will Take Years, IRS Chief Says (article)Acting IRS Commissioner David Kautter told lawmakers on April 11 that implementing tax reform is one of the IRS's highest priorities, but issuing guidance will likely take years....2018-04-24T19:30:57-05:00

Acting IRS Commissioner David Kautter told lawmakers on April 11 that implementing tax reform is one of the IRS's highest priorities, but issuing guidance will likely take years.