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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