FASB Reviews CECL Implementation
ABA VP Josh Stein offers insights on a recent FASB meeting.
Browsing: Tax and Accounting
PPP Loan Fees: Accounting and Tax Considerations Loom as Year-end Approaches
There has been considerable analysis and discussion regarding the accounting and tax treatment of PPP fees that are payable to banks.
FDIC Floats Changes to Deposit Insurance Rules to Accommodate CECL Transition
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.
IRS Issues Guidance on Deductibility of Qualified PPP Expenses
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.
COVID-19: A Positive Disruptor to Expected Credit Loss Models
The current murky picture delivered by traditional data has forced an increased focus on new methods that better capture credit risk.
IRS to Issue Regulations Confirming S-Corporation State Tax Deductions
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.
IRS Finalizes Rule on Trusts, Estates Deductions
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.
FDIC Relief Saves on Audit, Internal Control Reporting Costs
By Josh Stein For banks that have experienced rapid and possibly short-term inflows of assets…
CECL and COVID: Inconclusive, But Wait for the Auditors
By Mike Gullette Credit goes to the Department of Treasury with their conclusion, documented in…
FDIC Provides Temporary Audit Relief for Banks with COVID-Bulked Balance Sheets
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.