The American Institute of CPAs sent a list of more than 150 recommendations Thursday for the Internal Revenue Service to add to its 2018-2019 Priority Guidance Plan where it would like to see the IRS provide more clarity, with a particular spotlight on the Tax Cuts and Jobs Act.

The AICPA’s letter identifies the most important projects it believes the IRS and the Treasury Department should address through regulations, revenue rulings, revenue procedures, notices and other published administrative guidance.

In April, the IRS and the Treasury Department issued a notice asking the public for recommendations on items to include on the Priority Guidance Plan, with the expectation that the new tax law would be at the top of the list (see IRS looks for recommendations on priority guidance on new tax law).

The main priority recommendations from the AICPA relate to projects required as a result of the enactment of the recent tax code overhaul. Other recommendations cover a variety of individual, business and tax-exempt organization issues, including projects pertaining to international, partnership, crowdfunding and the sharing economy, virtual currency and estate and trust rules.

Among the items related to the Tax Cuts and Jobs Act, the AICPA asked for guidance on the changes to the limitation on excessive employee remuneration, on the new Employer Credit for Paid Family and Medical Leave, and on the definition of casualty loss as it relates to hardship distributions. The IRS also asked for guidance on the computation of unrelated business income for separate trades or businesses, as well as guidance on the taxation of employee fringe benefits, and the excise tax on excessive remuneration paid by tax-exempt organizations.


AICPA building in Durham, N.C.
AICPA building in Durham, N.C. Photo: AICPA
Michael Cohn

Michael Cohn

Michael Cohn, editor-in-chief of AccountingToday.com, has been covering business and technology for a variety of publications since 1985.