House Releases Draft Spending Bill
The House tax writing committee today released legislative text for the Biden administration’s $3.5 trillion spending plan, with committee votes expected to begin as soon as tomorrow.
Browsing: Tax and Accounting
GOP Lawmakers Raise Concerns about Tax Reporting Provision
A group of 141 Republican lawmakers led by Rep. Tom Emmer (R-Minn.) today wrote to congressional leaders, Treasury Secretary Janet Yellen and Internal Revenue Service Commissioner Charles Rettig to express concern over a controversial proposal to expand mandatory IRS reporting on bank account transactions.
ABA, Trade Groups Back Continuation of Tax Protections for Family Businesses, Farms
The American Bankers Association and a coalition of trade groups yesterday urged the House Ways and Means Committee not to change the stepped-up basis tax rule that prevents family-owned businesses and farms from damaging tax bills when a family member passes away.
As Congress Considers Action on IRS Reporting Proposal, Bankers Urged to Take Action
With Congress expected to begin considering a new tax reporting requirement that would require banks to report information on account flows to the Internal Revenue Service as early as next week, bankers are urged to contact their lawmakers to oppose the proposal.
ABA: Proposed IRS Reporting Change Could Undermine Financial Inclusion Efforts
In a letter to House and Senate lawmakers overseeing the Internal Revenue Service, ABA reiterated its opposition to proposed new tax reporting requirements on banks that would require them to report information on account flows on every account above a de minimis threshold of $600, including earnings from investment and business activity.
Treasury Expands Paid Leave Tax Credit for COVID-19 Vaccinations
To encourage more Americans to get vaccinated against COVID-19, the Treasury Department today announced that it will allow certain eligible employers to claim tax credits for providing paid time off to employees to take a family or household member or certain other individuals to get vaccinated, or to care for a family or household member or certain other individuals recovering from the vaccination.
FASB to Reconsider TDR, Purchased Loan Accounting Under CECL
The Financial Accounting Standards Board today voted to add two projects to its technical agenda based on feedback it received through its CECL project implementation review process.
Online Child Tax Credit Tool Available in Spanish
The Internal Revenue Service released a Spanish-language version of its online tool that helps users determine whether they qualify for the Child Tax Credit and its monthly advance payments.
OECD Tax Allocation Framework Excludes Regulated Financial Services
As part of global efforts to acknowledge the large and growing role of digital activities in the economy, the Organization for Economic Cooperation and Development’s 139-member “Inclusive Framework” today endorsed an agreement on how large multinational firms allocate their profits in different tax jurisdictions.
Fed: CECL Tool for Community Banks to Launch July 15
The Federal Reserve today said it plans to launch a new tool, the Scaled CECL Allowance for Losses Estimator, or SCALE, to help community banks implement the current expected credit loss standard.