OCC releases annual update to Bank Accounting Advisory Series
The OCC released its annual update to the Bank Accounting Advisory Series, which contains staff answers to questions from the...
Tax and Accounting
IRS finalizes rule on proposed required minimum distributions
The IRS finalized its proposed rule on required minimum distributions, including requirements for distributions from a qualified retirement plan—such as...
ABA, associations: Uphold congressional vote to overturn SEC treatment of crypto custody assets
ABA and three financial sector associations expressed support for a House attempt to overturn President Biden’s veto of a resolution...
NCUA eyeing executive compensation reporting for federal credit unions
The National Credit Union Administration may propose a new rule to require federal credit unions to provide information on executive...
IRS releases regulations in multiple areas
Topics include reporting and payment of the excise tax on repurchases of corporate stock, payment of tax by credit or...
Report: Time to rethink tax exemption for credit unions
There is no longer a justification to exempt credit unions from taxes, which would generate billions in taxes if it...
FDIC finds VITA sites willing to direct unbanked to financial institutions
A new FDIC survey found most Volunteer Tax Assistance Provider sites are willing to provide their unbanked clients with a...
ABA: Proposed revisions to bad debt regulation need reworked
In a letter, ABA urged the IRS to make several changes to proposed regulations concerning bad debt deductions for regulated...
FASB will not eliminate HTM classification
The Financial Accounting Standards Board in December rejected several agenda requests, including voting unanimously to reject a request to eliminate...
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...
