President Joe Biden’s sweeping tax-and-climate bill passed in August placed a massive task ahead for Treasury and the IRS to develop guidance on the law’s provisions.
The Jan. 1 effective date for many provisions in the law made the guidance a priority for the agencies, officials said, putting other regulation projects on the back burner.
However, with other projects facing looming start dates and stakeholders pressing for guidance, the agencies will have to balance issuing guidance on the tax-and-climate law and projects that help taxpayers accurately report to the IRS.
“There’s just so much that needs to be addressed,” ...
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