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The U.S. Master Pension Guide reflects the latest regulations, rulings and cases for qualified retirement plans, surveying the different type of plans from which an employer may choose, and describing the procedures for obtaining plan qualification.

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IRS releases update to 2007-2008 Priority Guidance Plan

On August 13, 2007, we released the 2007-2008 Priority Guidance Plan listing 303 projects for the plan year beginning July 1, 2007 and ending June 30, 2008. In our Joint Statement that accompanied the release of the 2007-2008 Priority Guidance Plan, we indicated that we would update the plan periodically to reflect additional guidance that we intend to publish during the plan year. Updating the plan also provides flexibility throughout the plan year to consider comments received from taxpayers and tax practitioners relating to additional projects and to respond to developments arising during the plan year.

The attached update sets forth the guidance on the original 2007-2008 Priority Guidance Plan that we have published. Although the update may indicate that a particular item on the plan has been completed, it is possible that one or more additional projects may be completed in the plan year relating to that item. The update also includes 61 items of additional guidance, some of which have already been published. For example, the update reflects the publication of guidance implementing the Economic Stimulus Act of 2008 and responding to recent events in the financial markets. Similarly, the update reflects the publication of guidance relating to topics that were on the original 2007-2008 Priority Guidance Plan such as guidance implementing the Pension Protection Act of 2006, the Small Business and Work Opportunity Tax Act of 2007, and the Tax Relief and Health Care Act of 2006, and additional guidance implementing various provisions of the American Jobs Creation Act of 2004 and the Tax Increase Prevention and Reconciliation Act of 2005.

The published guidance process can be fully successful only if we have the benefit of the insight and experience of taxpayers and practitioners who must apply the rules. Therefore, we invite the public to continue to provide us with their comments and suggestions as we write guidance throughout the plan year.

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