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IRS and Treasury Set Next Year’s Priorities

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November 25, 2009

The IRS and the Treasury Department have released their 2009-2010 Priority Guidance Plan, with 315 projects they plan to complete over a 12-month period by June 2010.

They solicited suggestions from taxpayers, tax practitioners and industry groups in compiling the list. “This year’s plan will address a variety of issues, including recent legislation, the current economic environment and important international issues,” said the document.

Among the goodies on the plan are regulations regarding continuity of interest, guidance regarding stock and cash distributions by regulated investment companies and real estate investment trusts, guidance on various international tax issues related to tax-favored retirement plans, and guidance related to distressed debt.

The list is a long one that’s sure to keep IRS employees extra busy over the next seven months. Some of the items apparently have been in the works since July, so a number of them may have been completed already, even though the list was just published Thursday.

But no doubt it remains a daunting to-do list. April 15 apparently isn’t going to be the only tax deadline at the IRS.

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