Browsing: Tax and Accounting


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.

Commercial Lending

The Securities and Exchange Commission today informed ABA that it does not object to the association’s conclusion that Main Street Lending Program transactions meet the legal isolation criteria necessary for sale accounting treatment under U.S. generally accepted accounting principles.


In a follow-up to an April letter discussing COVID-19-related challenges regarding tax withholding, the American Bankers Association, the International Banking Federation and several other trade associations wrote to the Organization for Economic Cooperation and Development and the European Commission seeking additional relief for administering tax regulations for cross-border transactions.  

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