Are Higher Taxes on the Horizon?
With Democrats now in control of the White House and Congress, tax increases could be on the horizon.
Browsing: Tax and Accounting
FDIC Finalizes Deposit Insurance Rule Change to Accommodate CECL Transition
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.
FASB Expands Proposal on Narrow Goodwill Accounting Relief to Include Privately Held Banks
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.
IRS Publishes Additional Guidance on Information Reporting for SBA Subsidies
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.
SBA Issues Updated Guidance on COVID-19 Relief for 7(a), 504, Microloans
The Small Business Administration last night issued several notices providing updated guidance on various COVID-19 relief programs.
IRS Publishes Information Reporting Guidance on SBA, Other Subsidies
he Internal Revenue Service today issued guidance addressing various tax information reporting issues that arose as a result of taxpayer subsidies included in the CARES Act and the more recent COVID-19 relief bill.
IRS to Delay Start of Tax Filing Season
The Internal Revenue Service announced today that it will delay the start of tax filing season until Feb. 12.
IRS Recommends Streamlining, Modernizing Improvements to Congress
The Internal Revenue Service has submitted a report to Congress—as required by the 2019 Taxpayer First Act—outlining a strategic plan to enhance taxpayer service and experience.
IRS Changes Course Again on EIPs; Will Reissue Misdirected Payments
The Internal Revenue Service today announced that—in a reversal of previous guidance—it will reissue payments for taxpayers who did not initially receive their second-round economic impact payments due to a processing error.
IRS Issues Additional Information for EIP Recipients
As the Internal Revenue Service continues to address the error that caused millions of economic impact payments to be incorrectly routed to temporary or incorrect bank accounts, the IRS today said that, together with tax industry partners, it is “taking immediate steps to redirect stimulus payments to the correct account for those affected.”