The Treasury Department and IRS today released the 2005-2006 Priority Guidance Plan, listing the tax issues that will be the subject of formal legal guidance during the next year. The plan contains 254 projects dealing with tax topics that affect individuals, corporations, charities, international transactions, and employee benefit plans.  The guidance items touch on a wide range of issues, including:

• Additional legal requirements prompted by the stronger standards for reporting tax shelters under the new American Jobs Creation Act
• Guidance on the tax treatment of distributions from Roth retirement plans
• Guidance on the impact of providing a 2 ½ month grace period for flexible spending accounts on health savings accounts (HSAs)
• Regulations under section 529 regarding qualified tuition programs for higher education
• How should charities report car donations they receive
• Legal requirements to withhold on the winner’s prizes at poker tournaments

See:

• 2005-2006 Priority Guidance Plan (27 pages)
• Joint Statement by Eric Solomon (Deputy Assistant Secretary (Regulatory Affairs), Treasury Department), Mark W. Everson (Commissioner, IRS) & Donald L. Kolb (Chief Counsel, IRS) (2 pages)
• Press Release (IR-2005-80) (2 pages)
• Industry Resolution Program to Address Two New Issues (IR-2005-81) (2 pages)