The Internal Revenue Service and the Treasury Department's Office of Tax Policy have released a "priority guidance plan" for 2007-2008, outlining the 303 projects they plan to complete through June 2008.

The 28-page document contains a long list of plans. In the area of consolidated returns, for example, one priority will be finalizing regulations regarding transfers of member stock. Proposed regulations were published in January.

For corporations and their shareholders, one of the priorities involves guidance regarding the transfer of treasury stock to a corporation controlled by the transferor. In the employee benefits arena, the agencies plan to issue guidance on special pay plans for government employees. They also intend to issue guidance regarding the treatment of incidental health insurance benefits provided under a profit-sharing or stock bonus plan.

In the transfer pricing area, the agencies expect to issue regulations and other guidance on the treatment of cross-border services. Also coming out will be regulations and other guidance on global dealing. In addition, temporary regulations will be forthcoming on clean renewable energy bonds. The agencies solicited input from tax practitioners, taxpayers and industry groups while developing the list of priorities.

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