Treasury and IRS Release Priority Guidance Plan Update

Today Treasury and the IRS have released the second quarter update to the 2017–2018 Priority Guidance Plan. Eighteen priority projects are listed with respect to the initial implementation of the 2017 Tax Act, P.L. 115-97, including:

• Guidance on computation of unrelated business taxable income for separate trades or businesses under new section 512(a)(6)
• Guidance on certain issues relating to the excise tax on excess remuneration
  paid by “applicable tax-exempt organizations” under new section 4960
• Guidance regarding Opportunity Zones under new sections 1400Z–1 and 1400Z–2