IIAC MAKES RECOMMENDATIONS TO THE IRS AND U.S. TREASURY ON 2020-2021 PRIORITY GUIDANCE PLAN
Each year, the Treasury Department's Office of Tax Policy and the IRS use the Guidance Priority List to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance. The Guidance Priority List focuses resources on guidance items that are most important to taxpayers and tax administration.
On July 22, 2020, the IIAC submitted recommendations to the IRS and U.S. Department of the Treasury on the 2020-2021 Priority Guidance Plan on areas where finalized regulations or guidance would greatly assist the Canadian financial industry comply with existing U.S. tax reporting requirements. The IIAC believes that the Priority Guidance Plan should include: (i) regulations under IRC Section 871(m); (ii) finalized proposed regulations under IRC Section 305(c); (iii) guidance under IRC Section 1441 relating to Section 302/304 distributions; (iv) finalized regulations under IRC Section 1446(f); and permit e-signature options for Form W-9.
If you would like more information, please contact Adrian Walrath.