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...
Tax and Accounting
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...
FDIC Provides Temporary Audit Relief for Banks with COVID-Bulked Balance Sheets
For banks that have experienced rapid and possibly short-term inflows of assets and deposits during the coronavirus pandemic, the FDIC...
SEC Publishes Final Rule on Bank, S&L Investor Disclosures
The Securities Exchange Commission today published in the Federal Register its final rule updating required disclosures that bank and savings...
ABA Advocates for Removal of Physical Presence Requirement for Spousal Consent
In a letter to the Internal Revenue Service yesterday, the American Bankers Association and several insurance trade groups requested that...
IRS Exempts Lenders from Reporting PPP Loan Forgiveness
The IRS has issued new guidance directing lenders not to file information returns or furnish statements to borrowers to report...
Treasury Inconclusive on CECL Effects, Calls for Further Study
While noting emerging indicators that credit availability declined and lending standards tightened in early 2020, the Treasury Department yesterday said...
ABA Receives SEC Preclearance on MSLP Accounting
The Securities and Exchange Commission today informed ABA that it does not object to the association’s conclusion that Main Street...
