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.
Browsing: Tax and Accounting
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.
The IRS has issued a final rule confirming that deductions allowed under Internal Revenue Code section 67(e) for costs incurred in connection with the administration of a trust or estate are deductible despite the suspension of miscellaneous itemized deductions under the 2017 tax reform law.
By Josh Stein For banks that have experienced rapid and possibly short-term inflows of assets…
By Mike Gullette Credit goes to the Department of Treasury with their conclusion, documented in…