The SEC last week voted to adopt a new rule under the Investment Company Act of 1940 addressing the valuation practices of registered investment companies and business development companies.
Browsing: Tax and Accounting
The Small Business Administration this week released a Q&A document addressing certain tax issues related to payments made on behalf of borrowers to lenders for existing SBA 7(a), 504 and microloans.
In a letter to House Financial Services and Senate Banking Committee leaders today, ABA and 51 state bankers associations called on lawmakers to extend the troubled debt restructuring provisions in the CARES Act that allow banks to suspend generally accepted accounting principles for COVID-19 related loan modifications.
A group of 35 Republican members of Congress sent a letter to congressional leadership on Friday calling for the extension of the troubled debt restructuring provisions in the CARES act that allow banks to suspend the requirements under generally accepted accounting principles for loan modifications related to COVID-19 that would otherwise be categorized as TDRs.
ABA VP Josh Stein offers insights on a recent FASB meeting.
There has been considerable analysis and discussion regarding the accounting and tax treatment of PPP fees that are payable to banks.
The FDIC on Friday proposed changes to the risk-based deposit insurance system that applies to banks with more than $10 billion in assets to address the temporary deposit insurance assessment effects resulting from CECL implementation.
The IRS yesterday issued a ruling that borrowers expecting Paycheck Protection Program loan forgiveness applications to be approved must disallow a deduction for qualified 2020 expenses in 2020 tax returns, even in situations where the forgiveness application has not been approved or filed by the end of the year.
The current murky picture delivered by traditional data has forced an increased focus on new methods that better capture credit risk.
The Internal Revenue Service on Monday announced that it intends to issue proposed regulations to confirm the federal deductibility of state taxes at the partnership or S-corporation level for those entities and that the individual limitation does not apply.