Federal Taxes

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IRS Priority Guidance Plan

Updated August 19, 2013

Each year the Treasury Department's Office of Tax Policy and the Internal Revenue Service (IRS) issue a Priority Guidance Plan to identify and prioritize federal tax issues that should be addressed through regulations, revenue rulings and other published guidance. This allows the government to focus resources on guidance projects that are both important for taxpayers and necessary for effective tax administration. While the plan includes priority projects, there is not a specific deadline for completion of each item. It is also possible for items to be included on the Priority Guidance Plan for multiple years.

For 2013-2014, the Priority Guidance Plan contains 324 projects that the IRS and Treasury Department will use to allocate resources from July 2013 through June 2013. During this period, it is expected that updates to the plan that will be issued to provide insight as to the status of various items.

During development of the Priority Guidance Plan, the public is invited to provide written suggestions for items to be included. NBAA actively participates in this process by submitting items for consideration and meeting with tax policy officials. This year, two federal tax issues that affect many Members have been included in the Priority Guidance Plan.

First, NBAA, in collaboration with the National Air Transportation Association (NATA), succeeded in urging the IRS and Treasury to list developing guidance on the application of federal excise taxes to aircraft management fees in the guidance plan. Second, the guidance plan proposes to address the “leasing company trap,” which unfairly penalizes aircraft owners that lease an aircraft to related parties for legitimate business reasons.

With the release of the plan, NBAA and its Tax Committee will continue meeting with officials at the Treasury Department and IRS to monitor progress on these two important issues. Updates will be provided to Members as they become available.

Resources

NBAA and NATA Priority Guidance Request: Federal Excise Taxes (35 KB, PDF)

NBAA Priority Guidance Request: Leasing Company Trap (111 KB, PDF)

2013-2014 IRS/Treasury Priority Guidance Plan (90 KB, PDF)

For more information regarding these issues contact NBAA's Scott O'Brien at (202) 783-9451 or sobrien@nbaa.org.