Agencies Propose Rule Requiring Income Tax Allocation Agreements for Consolidated Returns
Agencies propose requiring that national banks, state banks and savings associations that file tax returns as part of a consolidated...
Tax and Accounting
IRS Reminds Small Employers of Tax Deduction for Offering Paid Vaccination Leave
Under the recently enacted American Rescue Plan Act of 2021, small and midsize employers with fewer than 500 employees may...
ABA Calls for Removal of Physical Presence Requirement for Spousal Consent
In a letter to the Internal Revenue Service this week, the American Bankers Association and several insurance trade groups reiterated...
Treasury Releases Details on Proposed Tax Changes
The Treasury Department today provided additional details on the Biden administration’s proposed changes to the U.S. tax code.
IRS Extends Contribution Due Dates for IRAs and HSAs to May 17
Following an announcement from the Internal Revenue Service earlier this month extending the filing date for individual tax returns from...
Are Higher Taxes on the Horizon?
With Democrats now in control of the White House and Congress, tax increases could be on the horizon.
FDIC Finalizes Deposit Insurance Rule Change to Accommodate CECL Transition
The FDIC today finalized changes to the risk-based deposit insurance system that applies to banks with more than $10 billion...
FASB Expands Proposal on Narrow Goodwill Accounting Relief to Include Privately Held Banks
The Financial Accounting Standards Board announced this week that in response to comments by ABA and others, it will expand...
IRS Publishes Additional Guidance on Information Reporting for SBA Subsidies
The Internal Revenue Service this week instructed lenders that had, in accordance with previous Small Business Administration guidance, filed or...
SBA Issues Updated Guidance on COVID-19 Relief for 7(a), 504, Microloans
The Small Business Administration last night issued several notices providing updated guidance on various COVID-19 relief programs.
