The Internal Revenue Service and the Treasury Department released an updated Priority Guidance Plan outlining the regulatory projects that have become necessary in light of the passage of the 2017 Tax Cuts and Jobs Act (the "TCJA").
The new projects directly resulting from the TCJA include 18 items, most notably:
..Computational, definitional, and anti-avoidance guidance under new §199A;
..Guidance implementing changes to §529;
..Guidance implementing changes to §1361 regarding electing small business trusts; and
..Guidance on computation of estate and gift taxes to reflect changes in the basic exclusion amount.
Please see full publication below for more information.
