As previewed by Treasury Secretary Steven Mnuchin yesterday, the IRS today issued a notice confirming that taxpayers may defer their payments that would have otherwise been due on April 15 for up to 90 days.
Browsing: Tax and Accounting
In a press conference Tuesday afternoon, U.S. Treasury Secretary Steven Mnuchin announced that taxpayers may delay making tax payments that would otherwise be due on April 15 for up to 90 days.
With concerns growing nationwide about the coronavirus, or COVID-19, pandemic, the IRS has issued guidance confirming that Americans financing their health care with a health savings account can access free COVID-19 testing.
As banks work to implement the current expected credit loss accounting standard, the financial regulatory agencies have finalized an interagency policy statement on allowances for credit losses.
As part of its ongoing efforts to educate policymakers and the public about large credit unions’ abuse of their tax exemption, the American Bankers Association—through its Explore Credit Unions campaign—is launching a new series of ads designed to highlight how large credit unions have lost their way.
Congress should focus its attention in 2020 on the tax treatment of large, bank-like credit unions and reconsider the merit of the tax exemption these entities enjoy, according to a new issue brief published by the National Taxpayers Union today.
The American Bankers Association wrote to the Internal Revenue Service last week seeking relief from certain aspects of the new IRS’ application process for obtaining an Employer Identification Number for trusts and estates of descendants.
In an op-ed in American Banker today, industry veteran and former Comptroller of the Currency Gene Ludwig warned that the Financial Accounting Standards Board’s current expected credit loss standard “will both undermine the financial industry’s ability to work itself out of a crisis and discourage lending to small businesses.”
Insights from ABA staff expert Josh Stein on the recent FASB oversight hearing.
The IRS on Friday issued important guidance on how banks and other servicers of mortgage loans must report the deductibility of mortgage interest premiums.