ABA urges lawmakers to support creation of CDFI investment tax credit
ABA expressed support for a proposed bill to create a tax credit for investments in community development financial institutions and minority depository institutions
Browsing: Tax and Accounting
ABA, associations: Proposed auditor standards vague, overly broad
A group of 20 trade associations, including ABA, joined together to raise concerns with a proposal to expand the requirements for auditors to identify, evaluate and communicate all company violations of laws and regulations.
IAASB proposes sustainability assurance standard
The International Auditing and Assurance Standards Board has announced a proposed international standard on sustainability assurance
ABA calls for expansion of de minimis exception for reportable policy sales
ABA last week offered feedback to the Internal Revenue Service on proposed regulations regarding the application of the transfer for valuable consideration rules and associated information reporting requirements for reportable policy sales.
IRS releases plan to guide agency transformation
The IRS unveiled a strategic operating plan to guide a proposed transformation of the agency over the next 10 years.
FASB expands proportional amortization method to investments in tax credit structures
The Financial Accounting Standards Board this week issued an accounting update expanding the range of tax credit structures for which the proportional amortization method of accounting may be applied—something ABA had called on the board to address.
ABA to PCAOB: Confirmation process needs modernization beyond current proposal
The proposal as currently outlined doesn’t go far enough to consider current and future technical opportunities and risks, ABA says.
Lawmakers raise concerns about balance sheet treatment of crypto custody assets
Rep. Patrick McHenry (R-N.C.) and Sen. Cynthia Lummis (R-Wyo.) this week asked the banking agencies for clarification regarding an April 2022 staff accounting bulletin issued by the Securities and Exchange Commission.
Treasury issues guidance for comment on stock repurchase excise tax, AMT
The Treasury Department issued initial guidance regarding a new annual excise tax that applies to repurchases of a publicly traded corporation’s stock that takes place after Dec. 31, 2022.
Financial Accounting Foundation issues new strategic plan
The new plan outlines the goals that the organization will address during the next several years.