ABA Submits Recommendations for IRS, Treasury 2018-19 Guidance Plan
The American Bankers Association today wrote to the Internal Revenue Service outlining several key issues that the IRS and the...
Tax and Accounting
ABA, Groups Provide Comments to Treasury on Sub S Bank Tax Deduction
As the Treasury Department develops guidance to implement Section 199A of the Tax Cuts and Jobs Act, it should be...
Conservative Policy Groups Urge Congress to Revisit Tax Exemption for Large Credit Unions
The National Taxpayers Union and several other conservative public policy groups on Tuesday urged Senate Finance Committee Chairman Orrin Hatch...
ABA Supports FASB Proposal Allowing Banks to Capitalize New Cloud System Costs
In a comment letter to the Financial Accounting Standards Board today, ABA offered support for a proposal that would allow...
After Tax Reform, Banks Are Doing the Math on S-Corps
Banks may need to reassess whether being treated as a corporation or a pass-through is more advantageous.
Sen. Hatch Calls for Large Credit Unions to File Form 990 with IRS
The largest credit unions should be required to file Form 990 -- the standard return filed by most nonprofit entities...
Agencies Propose Phase-in for Regulatory Capital Effects of CECL
A new joint proposal from the Federal Reserve, FDIC and the OCC will give banks the option to phase in...
IRS, Treasury Issue Guidance on Net Business Interest Expense Deductibility
With the new tax law limiting the deductibility of net business interest expense, the Treasury Department and the Internal Revenue...
Change in Pension Accounting Causes Last-Minute Changes to Call Reports
Banks with defined benefit pension plans will need to make previously unanticipated changes in first quarter Call Reports, according to...
ABA Calls for Flexibility from FASB as Libor Transition Commences
With the New York Federal Reserve beginning to publish the Secured Overnight Financing Rate -- or SOFR -- next week,...
