ABA Offers Recommendations for IRS Priority Guidance Plan

The American Bankers Association this week submitted to the Internal Revenue Service its feedback on what should be included in the agency’s 2019-20 priority guidance plan. The plan is used by the IRS to monitor and prioritize issues that have been identified as needing additional guidance in the form of regulations, revenue rulings, revenue procedures, notices and other administrative guidance.

ABA recommended that the upcoming priority guidance plan continue to include three issues from the previous year’s plan: information reporting on accrued but unpaid interest on modified mortgages; guidance under Section 166 on the conclusive presumption of worthlessness for debts; and consistent basis reporting in the estate area.