GOP Lawmakers Push for Extension of Troubled Debt Restructuring Provisions
A group of 35 Republican members of Congress sent a letter to congressional leadership on Friday calling for the extension...
Tax and Accounting
FASB Reviews CECL Implementation
ABA VP Josh Stein offers insights on a recent FASB meeting.
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...
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...
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...
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...
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...
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...
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 and deposits during the coronavirus...
CECL and COVID: Inconclusive, But Wait for the Auditors
By Mike Gullette Credit goes to the Department of Treasury with their conclusion, documented in the Congressionally mandated study “The...
