As the start of a presidential term, 2021 was an active year for considering potential changes in tax law. But what does that mean for 2022?
Browsing: Tax and Accounting
Shortly before the cessation of two U.S. dollar Libor tenors on Dec. 31, the IRS last week issued final regulations on the tax consequences of the transition away from Libor.
ABA today expressed support for a Financial Accounting Standards Board proposal that would eliminate the current accounting guidance for troubled debt restructurings, or TDRs, but cautioned that proposed expanded disclosure requirements for loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty could “unintentionally introduce additional cost and complexity that outweighs the benefits of eliminating TDRs.”
The Financial Accounting Standards Board today proposed to eliminate its accounting guidance for troubled debt restructurings, or TDRs, while enhancing certain loan disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty.
A group of 21 Democratic representatives wrote to House leadership today calling for the removal of the Biden administration’s controversial proposal for financial institutions to report information on gross inflows and outflows on all accounts above a certain de minimis threshold.
Members of the House Financial Services Committee today called for a hearing to discuss controversial tax proposal requiring banks to report information on gross inflows and outflows of customer accounts to the IRS.
A broad coalition of 99 trade groups representing various industries—including the American Bankers Association—today wrote to President Biden urging him to withdraw a controversial proposal that would require financial institutions to report information to the Internal Revenue Service on gross inflows and outflows for accounts above a specified de minimis threshold.
Rep. Charlie Crist (D-Fla.) today announced that he opposes the Biden administration’s controversial IRS data reporting proposal—becoming the first Democrat to push back publicly on the ABA-opposed measure that congressional leaders continue to push via the budget reconciliation process.
A group of 202 House Republican lawmakers, led by Rep. Tom Emmer (R-Minn.), wrote to Treasury Secretary Janet Yellen today urging the administration and Democratic lawmakers to abandon a controversial proposal that would require financial institutions to report information on gross inflows and outflows to the Internal Revenue Service for all accounts above a certain de minimis threshold.
In a recent report, the PCAOB noted ongoing deficiencies in the auditing of loan losses and an increase over 2019 in deficiencies, specifically on the related internal controls auditing.