Tax/Accounting

ABA: Five-Year CECL Capital Transition Needed

Citing potential high volatility in credit loss allowances under the CECL accounting standard, ABA recently called on the Basel Committee for Banking Supervision to allow banks a minimum of five years to phase into regulatory capital the incremental allowances for credit losses under the CECL standard at the time of initial implementation.

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IRS Issues Guidance on Tax Treatment of TLAC Debt

The Internal Revenue Service has issued a revenue procedure that provides guidance on the tax treatment of certain internal debt that is required to be issued by intermediate holding companies to parent foreign holding companies to meet recently finalized total loss absorbing capacity, or TLAC, requirements.

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ABA Wins Delay on Proposed IRS Security Protocol

Following advocacy efforts by ABA and other financial and housing trade associations, the IRS today announced that it would postpone the implementation of new security requirements for tax professionals and tax transcript vendors that transmit data through the IRS.

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Treasury Issues Controversial ‘Interest Stripping’ Final Rule

In response to comments from ABA and other groups, banks yesterday scored a win when the Treasury Department issued a revised final rule to address alleged “interest stripping” that carved out debt instruments issued by most financial institutions from an important portion of the rules.

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