IRS Issues Updated Guidance on Deductibility of PPP Qualified Expenses
The Internal Revenue Service has issued guidance implementing changes included in the latest COVID-19 relief package—which was signed into law...
Tax and Accounting
Opening the Post-COVID Bank Books
Banks moved heaven and earth to help clients through COVID-19. While examiners are stepping cautiously in exams, bankers must prepare...
BOLI: A Stable Asset in Unstable Times
A surge of liquidity and prolonged period of low interest rates are creating new questions for balance sheet management.
AICPA Survey: Business Leaders Support Additional Fiscal Stimulus
A new survey from the American Institute of CPAs today found that 54% of business leaders believe that their businesses...
SEC Finalizes Rule on Fair Value Determinations
The SEC last week voted to adopt a new rule under the Investment Company Act of 1940 addressing the valuation...
SBA: Banks Must File 1099/1098 for CARES Act Loan Subsidies
The Small Business Administration this week released a Q&A document addressing certain tax issues related to payments made on behalf...
State Bankers Associations Call On Congress to Extend Troubled Debt Restructuring Provisions
In a letter to House Financial Services and Senate Banking Committee leaders today, ABA and 51 state bankers associations called...
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...
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...
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