In a follow-up to an April letter discussing COVID-19-related challenges regarding tax withholding, the American Bankers Association, the International Banking Federation and several other trade associations wrote to the Organization for Economic Cooperation and Development and the European Commission seeking additional relief for administering tax regulations for cross-border transactions.
The federal banking agencies today finalized several rules originally issued as interim final rules during the spring weeks of the emergency coronavirus response.
FDIC-insured banks and savings institutions earned $18.8 billion in the second quarter of 2020, a 70% decline from a year prior, the FDIC reported today.
As the deadline for an ABA-advocated, congressionally mandated Treasury Department study of the current expected credit loss standard looms, ABA recently wrote to Treasury to provide its view on which aspects of CECL the study must address.
The American Bankers Association today wrote to congressional leaders urging them to exempt Paycheck Protection Program forgiveness income from tax reporting.
The Internal Revenue Service today released a long-awaited package of final regulations addressing restrictions on deducting net interest expense, pursuant to the 2017 tax reform law.
ABA today submitted its recommendations for items that should be included on the Internal Revenue Service’s priority guidance plan—a list of issues that the IRS maintains to monitor and prioritize those requiring additional guidance.
In a comment letter to the Securities Exchange Commission today, the American Bankers Association offered support for a recent proposal to update and codify existing guidance and views on determining fair value in good faith for mutual fund investments.
In a comment letter last week, ABA offered feedback on a recent IRS proposal to address the treatment of deductions by non-grantor trusts and estates after changes made by the 2018 tax reform law.
How recent accounting changes will affect troubled debt restructurings in the short and long term.