It's Going to Be a Busy Summer at the IRS

Acting IRS Commissioner David KIautter recently provided some details on the daunting scope of the IRS’s preparations for next year’s filing season as a result of the changes brought about by the TCJA.

• Roughly 450 tax forms need to be revised or created and released for public comment and review. He expects the forms to be ready by the end of April and their instructions to be completed by the end of May.
• Reprogramming required to some of the IRS’s 140 computer systems that deal with tax returns will begin at the end of April.
• A steady stream of technical guidance is expected throughout the summer, he said, adding that it will take at least two years to get all guidance out on the TCJA. Kautter said the two most challenging parts of the law to implement will be the new international provisions and the 20% deduction for pass-through businesses. “In both those situations we're basically building new tax regimes that did not exist before,” he said.