AICPA comments on IRS Guidance Priority List.

The AICPA Tax Division and Tax Executive Committee provided comments on the Internal Revenue Service's 2008-2009 Guidance Priority List. The Treasury's Office of Tax Policy and the IRS use this annual list to identify and prioritize tax issues to address in regulations, revenue rulings, revenue procedures, notices and other administrative guidance.

In its cover letter, the AICPA again encouraged the Treasury and the IRS to continue pursuing tax simplification. The Institute acknowledged and expressed appreciation for recent steps, including the prompt issuance of guidance relating to the U.S. Supreme Court decision in Knight v CIR (The CPA Letter, Mar.) and various transitional notices and legislative changes, tn addition, the AICPA urged the agencies to consider these steps:

* Using the simplest approach to accomplish a policy goal.

* Providing safe harbor alternatives.

* Offering...