Browsing: Tax and Accounting

Newsbytes

While progress has been made toward potential changes to international tax principles to reflect the digitization of the economy, more work is needed, according to correspondence between Treasury Secretary Stephen Mnuchin and the secretary-general of the Organization for Economic Cooperation and Development.

Newsbytes

In a move long awaited by taxpaying firms with international operations, the Internal Revenue Service and the Treasury Department late Monday issued a series of proposed and final regulations related to the base erosion and anti-abuse tax, or BEAT, and the operation of the foreign tax credit as required by the 2017 tax reform law.

Mortgage

To help lenders comply with the Taxpayer First Act—a new law taking effect Dec. 28 that requires that taxpayers provide express consent for how their tax information will be used and additional consent for it to be shared with other parties—MISMO, the mortgage industry’s standards setting organization, has released new taxpayer consent language that can be used as part of the mortgage transaction.

Compliance and Risk

As the Financial Accounting Standards Board prepares to vote this week on a delay of its current expected credit loss accounting standard for some—but not all—banks, Reps. Vicente Gonzalez (D-Texas) and Ted Budd (R-N.C.) today called on FASB to consider extending the delay to all companies and to immediately begin a quantitative impact study of CECL.

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