On March 6, 2020 the Department of the Treasury released its 2019-2020 Priority Guidance Plan.
The Guidance Priority List focuses resources on guidance items that are most important to taxpayers and tax administration. Published guidance plays an important role in increasing voluntary compliance by helping to clarify ambiguous areas of the tax law.
The 2019-2020 Priority Guidance Plan sets forth guidance priorities for the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) based on public input, and taking into account the deregulatory policies and reforms described in Section 1 of Executive Order 13789 (April 21, 2017; 82 FR 19317) and Executive Order 13771 (January 30, 2017; 82 FR 9339).
Some of the items found in the report pertain to retirement accounts such as 401k plans including solo 401k plans and include the following:
- Regulations under §§219, 408, 408A, and 4973 regarding IRAs.
- Regulations under §401(a)(9) updating life expectancy and distribution period tables for purposes of the required minimum distribution rules and addressing certain other issues under §401(a)(9). PUBLISHED 11/08/19 in FR as REG-132210-18 (NPRM)
- Final regulations on hardship distributions under §401(k) to reflect modifications made by sections 41113 and 41114 of the Bipartisan Budget Act of 2018. Proposed regulations were published on November 14, 2018. PUBLISHED 09/23/19 in FR as TD 9875.
- Regulations on aggregation of affiliated service groups (Internal Revenue Code Section (IRC Sec.) 414(m))