Tax Law Changes Teeter in a Sharply Divided Senate
As the start of a presidential term, 2021 was an active year for considering potential changes in tax law. But what does that mean for 2022?
Browsing: Tax and Accounting
IRS Releases Final Regs on Tax Implications of Post-Libor Modifications
Shortly before the cessation of two U.S. dollar Libor tenors on Dec. 31, the IRS last week issued final regulations on the tax consequences of the transition away from Libor.
ABA Cautions FASB on Enhanced Disclosures as Replacement for TDRs
ABA today expressed support for a Financial Accounting Standards Board proposal that would eliminate the current accounting guidance for troubled debt restructurings, or TDRs, but cautioned that proposed expanded disclosure requirements for loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty could “unintentionally introduce additional cost and complexity that outweighs the benefits of eliminating TDRs.”
FASB Proposes Changes to TDR Accounting, Vintage Disclosures
The Financial Accounting Standards Board today proposed to eliminate its accounting guidance for troubled debt restructurings, or TDRs, while enhancing certain loan disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty.
21 House Democrats Call for IRS Reporting Proposal to be Cut from Spending Bill
A group of 21 Democratic representatives wrote to House leadership today calling for the removal of the Biden administration’s controversial proposal for financial institutions to report information on gross inflows and outflows on all accounts above a certain de minimis threshold.
House Financial Services Committee Members Call for Tax Reporting Proposal Hearing
Members of the House Financial Services Committee today called for a hearing to discuss controversial tax proposal requiring banks to report information on gross inflows and outflows of customer accounts to the IRS.
ABA, Trade Groups Reiterate Opposition to Tax Reporting Proposal
A broad coalition of 99 trade groups representing various industries—including the American Bankers Association—today wrote to President Biden urging him to withdraw a controversial proposal that would require financial institutions to report information to the Internal Revenue Service on gross inflows and outflows for accounts above a specified de minimis threshold.
Rep. Crist Opposes IRS Reporting Proposal
Rep. Charlie Crist (D-Fla.) today announced that he opposes the Biden administration’s controversial IRS data reporting proposal—becoming the first Democrat to push back publicly on the ABA-opposed measure that congressional leaders continue to push via the budget reconciliation process.
GOP Lawmakers Urge Dems, Administration to Abandon IRS Reporting Proposal
A group of 202 House Republican lawmakers, led by Rep. Tom Emmer (R-Minn.), wrote to Treasury Secretary Janet Yellen today urging the administration and Democratic lawmakers to abandon a controversial proposal that would require financial institutions to report information on gross inflows and outflows to the Internal Revenue Service for all accounts above a certain de minimis threshold.
PCAOB: CECL Deficiencies Suggest Tougher Audits to be Expected
In a recent report, the PCAOB noted ongoing deficiencies in the auditing of loan losses and an increase over 2019 in deficiencies, specifically on the related internal controls auditing.