The FDIC on Friday proposed 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.
Browsing: Tax and Accounting
The IRS yesterday issued a ruling that borrowers expecting Paycheck Protection Program loan forgiveness applications to be approved must disallow a deduction for qualified 2020 expenses in 2020 tax returns, even in situations where the forgiveness application has not been approved or filed by the end of the year.
The current murky picture delivered by traditional data has forced an increased focus on new methods that better capture credit risk.
The Internal Revenue Service on Monday announced that it intends to issue proposed regulations to confirm the federal deductibility of state taxes at the partnership or S-corporation level for those entities and that the individual limitation does not apply.
The IRS has issued a final rule confirming that deductions allowed under Internal Revenue Code section 67(e) for costs incurred in connection with the administration of a trust or estate are deductible despite the suspension of miscellaneous itemized deductions under the 2017 tax reform law.
By Josh Stein For banks that have experienced rapid and possibly short-term inflows of assets…
By Mike Gullette Credit goes to the Department of Treasury with their conclusion, documented in…
For banks that have experienced rapid and possibly short-term inflows of assets and deposits during the coronavirus pandemic, the FDIC today issued an interim final rule providing relief from auditing, internal control and audit committee requirements that would have resulted from those inflows.
The Securities Exchange Commission today published in the Federal Register its final rule updating required disclosures that bank and savings and loan registrants are required to provide to investors, known as Industry Guide 3.
In a letter to the Internal Revenue Service yesterday, the American Bankers Association and several insurance trade groups requested that the IRS make permanent temporary relief from the physical presence requirement for spousal consent.