ABA Submits Recommendations for IRS Priority Guidance Plan

ABA today submitted its recommendations for items that should be included on the Internal Revenue Service’s priority guidance plan—a list of issues that the IRS maintains to monitor and prioritize those requiring additional guidance.

ABA recommended that the IRS continue to include three issues from last year’s plan, including information reporting on accrued but unpaid interest on modified mortgages; guidance under Section 166 of the Internal Revenue Code on the conclusive presumption of worthlessness for debts; and consistent basis reporting in the estate area. ABA also urged the IRS to add information reporting on forgiveness of Paycheck Protection Program loans to the list.