ABA Seeks Tax Reporting Exemption for PPP Loan Forgiveness Income
The American Bankers Association today wrote to congressional leaders urging them to exempt Paycheck Protection Program forgiveness income from tax reporting.
Browsing: Tax and Accounting
IRS Issues Final Guidance Addressing Business Interest Expense Deduction Limitations
The Internal Revenue Service today released a long-awaited package of final regulations addressing restrictions on deducting net interest expense, pursuant to the 2017 tax reform law.
ABA Submits Recommendations for IRS Priority Guidance Plan
ABA today submitted its recommendations for items that should be included on the Internal Revenue Service’s priority guidance plan—a list of issues that the IRS maintains to monitor and prioritize those requiring additional guidance.
ABA Supports SEC’s Fair Value Accounting Proposal
In a comment letter to the Securities Exchange Commission today, the American Bankers Association offered support for a recent proposal to update and codify existing guidance and views on determining fair value in good faith for mutual fund investments.
ABA Comments on IRS Proposal on Trust and Estate Deductions
In a comment letter last week, ABA offered feedback on a recent IRS proposal to address the treatment of deductions by non-grantor trusts and estates after changes made by the 2018 tax reform law.
Statutory, Regulatory Actions on TDRs: Short-Term Alleviation, Long-Term Aggravation?
How recent accounting changes will affect troubled debt restructurings in the short and long term.
Bipartisan Group of Senators Call for FSOC Study on CECL
A bipartisan group of senators yesterday urged Treasury Secretary Steven Mnuchin to direct the Financial Stability Oversight Council to conduct a study on the current expected credit loss accounting standard’s effect on lending and the economy.
Agencies Grapple with Particulars of CECL Delay
Three years after it was issued—and amid numerous congressional hearings, a mandate for the Treasury Department to study its economic impacts, and recent regulator calls for reconsideration—the CECL accounting standard became effective for most large banks on January 1, 2020.
First Quarter COVID-19 Credit Loss Estimates: Where No Man Has Gone Before
Whether institutions are using CECL or incurred loss methodology, estimating credit losses in today’s pandemic-stressed economic environment is challenging to say the least.
ABA Calls for Tax-Related Guidance, Reporting Relief Due to COVID-19
In a letter to IRS officials yesterday, ABA called for additional guidance to help taxpayers and financial institutions comply with tax-related obligations during the coronavirus pandemic.