IRS Issues 88 Million Economic Impact Payments as of April 17
A total of 88 million Americans received economic impact payments totaling $158 billion within the first three weeks of the program, the IRS reported today.
Browsing: Tax and Accounting
AICPA Issues Recommendations for PPP Agent Relationships
The American Institute of CPAs today issued recommendations aimed at a common understanding of how accountants can serve as agents for purposes of the Small Business Administration’s Paycheck Protection Program.
FASB Proposes Delay for Lease Accounting Implementation for Non-Public Companies
The Financial Accounting Standards Board today delayed for certain filers the effective date of its new lease accounting guidance, which requires all operating leases to be recorded on the balance sheet of lessees.
ABA, Trades Urge International Tax Administration Relief
The American Bankers Association, the International Banking Federation and other trade organizations wrote to the Organization for Economic Co-operation and Development and European Commission today highlighting various compliance challenges related to tax withholding rules and procedures in connection with cross-border transactions during the coronavirus pandemic.
Rep. Kustoff Flags Technical Complication with SEC Interpretation of CECL Delay
In a letter to SEC Chairman Jay Clayton this week, Rep. David Kustoff (R-Tenn.) urged the agency to rethink its approach to implementing the temporary delay of the current expected credit loss standard that was included in the CARES Act.
Treasury, IRS: Economic Impact Payments to Begin Next Week
As required by the CARES Act, the Treasury Department and the IRS will begin issuing economic impact payments to Americans next week. To help facilitate the timely disbursement of these payments, they have launched a new web tool for individuals who do not normally file a tax return to input their payment information.
Agencies to Incorporate CARES Act Changes into March 31 Call Report
In a letter to bank CEOs last night, the federal banking agencies restated that they would not take action against institutions that submit their March 31, 2020, Call Report after the filing deadline, provided that the report is submitted within 30 days of the original filing date.
Agencies Update Guidance on COVID-19 Loan Modifications
The federal banking agencies today updated guidance on working with borrowers affected by the coronavirus pandemic.
IRS Offers Coronavirus Resources on Economic Impact Payments, Fraud
With the government soon to be releasing economic impact payments to individuals and families, the IRS has created several resources to help communicate information about who will be eligible.
Agencies Approve Early Adoption of SA-CCR, Delay of CECL Capital Phase-In
The federal banking agencies today announced two actions intended to help banks ensure the continued flow of credit to households and businesses during the coronavirus pandemic.