In addition to final rules generally concerning 199A qualified business income deductions, the IRS last Friday concurrently issued proposed rules addressing how the deduction would affect charitable remainder trusts, split-interest trusts and regulated investment companies.
While generally positive, preliminary analysis of the final pass-through rules suggests mixed results for a few issues of concern to S-corp banks.
Three-quarters of bank investors disagree that change is necessary to loan loss accounting rules, while just 17 percent support a change, according to a recent survey of non-management bank investors conducted by FIG Partners.
The rapid pace of change will continue in 2019, ABA policy staff project.
The American Bankers Association last week submitted a comment letter to the Internal Revenue Service offering feedback on proposed regulations related to the Opportunity Zone tax incentive.
Citing concerns over the wide-reaching effects the Current Expected Credit Loss standard could have on the U.S. economy, Rep. Blaine Luetkemeyer (R-Mo.) today introduced legislation that would make implementation contingent on a quantitative impact study.
As expected, the financial regulatory agencies today issued a final rule giving banks the option to phase in over a three-year period the day-one adverse effects of the Current Expected Credit Loss standard on regulatory capital.
In a comment letter to the Financial Accounting Standards Board today, the American Bankers Association offered feedback on proposed technical corrections to clarify and amend recent accounting standard updates related to financial instruments, including the Current Expected Credit Loss standard.
As the Financial Stability Oversight Council meets today to discuss, among other topics, the Financial Accounting Standards Board’s Current Expected Credit Loss model for loan loss accounting, 28 Republican House members urged a delay in CECL’s implementation date and a comprehensive study of its effects on the banking industry and access to credit.