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...
Tax and Accounting
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...
ABA, associations: Proposed auditor standards vague, overly broad
A group of 20 trade associations, including ABA, joined together to raise concerns with a proposal to expand the requirements...
IAASB proposes sustainability assurance standard
The International Auditing and Assurance Standards Board has announced a proposed international standard on sustainability assurance
ABA calls for expansion of de minimis exception for reportable policy sales
ABA last week offered feedback to the Internal Revenue Service on proposed regulations regarding the application of the transfer for...
IRS releases plan to guide agency transformation
The IRS unveiled a strategic operating plan to guide a proposed transformation of the agency over the next 10 years.
FASB expands proportional amortization method to investments in tax credit structures
The Financial Accounting Standards Board this week issued an accounting update expanding the range of tax credit structures for which...
