Tax/Accounting

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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BAFT Publishes Guidance on FATCA Compliance

BAFT -- ABA’s global transaction banking subsidiary -- today released guidance on the Foreign Account Tax Compliance Act to help practitioners comply with FATCA’s complexities and determine whether and how it applies to various trade product fee types.

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OCC Updates Bank Accounting Advisory Series

The Office of the Comptroller of the Currency released an update to its Bank Accounting Advisory Series that includes recent answers to frequently asked questions in areas such as contingencies and fair value accounting. The BAAS is intended to promote consistent application of accounting standards among national banks and federal savings associations. While it does not represent official OCC regulations, ...

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ABA Warns PCAOB on Changing Auditor’s Report

In a sharp retort to the Public Company Accounting Oversight Board’s proposal to change the standard auditors report, the ABA called on the PCAOB to suspend the project and provide transparency over audit expectations to both auditors and the companies they are auditing. The proposal, which largely reflects requirements recently implemented in Europe, would require auditors to discuss how they ...

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