Eliminating TDR Accounting: Finally a Carrot for Adopting CECL?
By Josh Stein ABA’s position that troubled debt restructurings are outdated and unnecessary is gaining…
Browsing: Tax and Accounting
IRS Unveils Online Tool for Non-Filers to Facilitate Monthly Child Tax Credit
The Internal Revenue Service has created a new online tool for families that are normally not required to file an income tax return to register for the expanded Child Tax Credit payments, which were authorized by the American Rescue Plan and which will begin to be distributed on July 15.
ABA Calls for Expanded Safe Harbor for SEC Climate Disclosures, Flexibility for Community Banks
The American Bankers Association urged the Securities and Exchange Commission today to provide a wide safe harbor for information and statements made in disclosures addressing climate risk.
Trade Groups Caution Lawmakers on Enhanced Reporting Requirements for Banks
Ahead of a House Ways and Means subcommittee hearing today on shrinking the tax gap, ABA and 10 other financial trade associations cautioned lawmakers about creating new reporting requirements for banks that would “impose cost and complexity that are not justified by the potential, and highly uncertain, benefits.”
IRS: Families Eligible for Expanded Child Tax Credit Should File Returns Soon
The Internal Revenue Service today urged all individuals and families who have not yet filed their 2019 or 2020 tax returns to do so as soon as possible so that those who are eligible may begin receiving the expanded Child Tax Credit payments, which were authorized by the American Rescue Plan and which will begin to be distributed on July 15.
ABA Flags Several Priority Issues in Need of IRS Guidance
The American Bankers Association last week submitted recommendations to the Internal Revenue Service on tax issues that are in need of interpretive guidance for the upcoming fiscal year.
Treasury Releases Details on Tax Proposals to Fund Proposed Budget
The Treasury Department on Friday released its “Green Book,” which contains details on the tax changes that the Biden administration is proposing to help fund the budget for the coming fiscal year.
Treasury Report Offers Limited Details on ABA-Opposed Tax Reporting Proposal
The Treasury Department today released a report further detailing its proposals to shrink the tax gap as part of the American Families Plan that was unveiled by President Biden last month.
Stakeholders Discuss TDRs, Purchase Accounting, CECL Changes at FASB Roundtable
During a virtual roundtable hosted by the Financial Accounting Standards board today, investors, bankers and regulators expressed broad agreement on accounting alternatives related to troubled debt restructurings under CECL and acquired loans.
ABA Urges IRS to Delay New Draft Retirement Forms
The American Bankers Association urged the IRS yesterday to delay the use of new draft forms W-4P and W-4R, which are used to determine the appropriate amount of federal income tax to be withheld for various types of retirement distributions.