Treasury, IRS to Release Wave of New Guidance in Coming Months

Guidance documents on bonus depreciation, tax-exempt status, and international topics are among a barrage expected in the coming months from the Treasury Department and IRS, Ken Kies, assistant Treasury secretary for tax policy, told tax executives.

The IRS is prioritizing guidance to implement the GOP tax-and-spending law, Kies said Thursday at a Tax Council annual meeting in Washington. Overtime and tips tax breaks, so-called Trump accounts, and the clean fuel tax credit are a few others that are incoming. Kies is also serving as acting IRS chief counsel.

“Some reports have suggested that having an acting chief counsel at the ...