Agencies Update Guidance on COVID-19 Loan Modifications
The federal banking agencies today updated guidance on working with borrowers affected by the coronavirus pandemic.
Browsing: Tax and Accounting
IRS Offers Coronavirus Resources on Economic Impact Payments, Fraud
With the government soon to be releasing economic impact payments to individuals and families, the IRS has created several resources to help communicate information about who will be eligible.
Agencies Approve Early Adoption of SA-CCR, Delay of CECL Capital Phase-In
The federal banking agencies today announced two actions intended to help banks ensure the continued flow of credit to households and businesses during the coronavirus pandemic.
Getting the Most Value from Your ALM Process
Asset-liability management is often treated as a compliance exercise, not a decision engine. How can ALM help improve banks’ performance?
Senate Clears Massive Coronavirus Stimulus to Support Economic Growth
The Senate unanimously passed a sweeping $2 trillion stimulus package to provide relief to American consumers and businesses struggling as a result of the coronavirus pandemic.
IRS Issues FAQs on Filing Date Extension, Clarifies Due Date for IRA, HSA Contributions
The IRS has issued a set of frequently asked questions related to the recently announced delay in filing dates for tax returns and certain tax payments.
Reps. Meeks, Luetkemeyer Join Chorus for CECL Suspension, Delay
In a bipartisan letter, Reps. Gregory Meeks (D-N.Y.) and Blaine Luetkemeyer (R-Mo.) today joined the chorus of voices—including FDIC Chairman Jelena McWilliams—calling for the Financial Accounting Standards Board to suspend and delay its Current Expected Credit Loss standard amid the coronavirus pandemic.
Loans Modified Due to COVID-19 Generally Not Treated as TDRs, Agencies Clarify
Loan modifications for borrowers affected by the coronavirus pandemic will not generally be required to be treated as troubled debt restructurings, federal and state banking agencies said today.
ABA, Financial Groups Ask SEC to Exercise Authority with CECL Delay
Amid the growing economic fallout from the coronavirus pandemic and public health response, ABA and several other financial trade groups urged the Securities and Exchange Commission to use its statutory authority over public company accounting rules to delay implementation of the Current Expected Credit Loss approach.
Mnuchin: IRS to Move Tax Filing Deadline to July 15
Treasury Secretary Steven Mnuchin today announced that at the direction of President Trump, the IRS will extend the tax filing deadline from April 15 to July 15.