The American Bankers Association urged the IRS yesterday to delay the use of new draft forms W-4P and W-4R, which are used to determine the appropriate amount of federal income tax to be withheld for various types of retirement distributions.
Agencies propose requiring that national banks, state banks and savings associations that file tax returns as part of a consolidated tax filing group be required to enter into tax allocation agreements with their holding companies and other members of the consolidated group that file a consolidated group tax return.
Under the recently enacted American Rescue Plan Act of 2021, small and midsize employers with fewer than 500 employees may claim refundable tax credits that reimburse them for the cost of providing paid sick leave and family leave to their employees due to COVID-19, including leave taken to receive or recover from COVID-19 vaccinations, the IRS reminded companies today.
In a letter to the Internal Revenue Service this week, the American Bankers Association and several insurance trade groups reiterated their request that the IRS make permanent its temporary relief from the physical presence requirement for spousal consent.
The Treasury Department today provided additional details on the Biden administration’s proposed changes to the U.S. tax code.
Following an announcement from the Internal Revenue Service earlier this month extending the filing date for individual tax returns from April 15 to May 17, the IRS today issued additional guidance on the extension.
With Democrats now in control of the White House and Congress, tax increases could be on the horizon.
The FDIC today finalized changes to the risk-based deposit insurance system that applies to banks with more than $10 billion in assets to address the temporary deposit insurance assessment effects resulting from CECL implementation. The final rule takes effect April 1.
The Financial Accounting Standards Board announced this week that in response to comments by ABA and others, it will expand the scope of a recent proposal on goodwill accounting alternatives for evaluating triggering events.
The Internal Revenue Service this week instructed lenders that had, in accordance with previous Small Business Administration guidance, filed or furnished to borrowers form 1099-MISC for subsidies paid by the SBA to file and furnish corrected forms that exclude these subsidized loan payments.