Marc Gerson, Firm Chair and former tax counsel for the House Committee on Ways and Means, was quoted on how businesses can prepare in the absence of enacted technical corrections to the new tax law. Taxpayers have to work closely with their advisers to determine the positions they can take based on the statute as enacted, guidance from the Internal Revenue Service and Treasury, and any pending technical corrections legislation, he said. "In many instances, financial reporting requirements need to be carefully considered as part of the analysis. Treasury, IRS and the Hill are sensitive to these issues and try to advance the most time sensitive" fixes as quickly as possible. Gerson said although Treasury and the IRS will try to provide clarification through the guidance process, some issues can only be addressed by Congress. "For time sensitive issues, the writers of the legislation often work with Treasury and the IRS to issue guidance pursuant to a technical correction in advance of its enactment," he said, but technical corrections generally aren't enacted in a standalone bill. "There have been situations where a technical corrections package contained a particularly time-sensitive item" where that has occurred, but those instances aren't the norm. Rather, Gerson said, "policy makers will look at any viable non-reconciliation legislative vehicle to attach technical corrections to" absent a corrections package being passed on a standalone basis.