IRS News Release: Guidance Updated for Process, Reliance Regarding Frequently Asked Questions

The Internal Revenue Service is updating its process for certain frequently asked questions (FAQs) on newly enacted tax legislation to address concerns regarding transparency and the potential impact on taxpayers when these FAQs are updated or revised as well as the potential application of penalties to taxpayers who rely on FAQs by providing clarity to taxpayers as to their ability to rely on FAQs for penalty protection, the IRS announced. Significant FAQs on newly enacted tax legislation, as well as any later updates or revisions to these FAQs, will now be announced in a news release and posted on IRS.gov ...