The IRS has informed ABA that it will conduct a formal process to issue guidance on whether and how to report — on IRS Form 1098, Mortgage Interest Statement — any accrued but unpaid interest that is added to the principal of modified mortgages.
Browsing: Tax and Accounting
Following advocacy efforts by ABA and other financial and housing trade associations, the IRS today announced that it would postpone the implementation of new security requirements for tax professionals and tax transcript vendors that transmit data through the IRS.
In response to comments from ABA and other groups, banks yesterday scored a win when the Treasury Department issued a revised final rule to address alleged “interest stripping” that carved out debt instruments issued by most financial institutions from an important portion of the rules.
With new expected credit loss approaches coming on line soon, the Basel Committee on Banking Supervision today issued a document proposing to retain the existing regulatory treatment of credit loss provisions on an interim basis.
Eighty-three percent of bankers say that implementing FASB’s Current Expected Credit Loss standard will require substantial changes to policies, procedures or technology systems, according to a survey conducted by the American Institute of CPAs.
BAFT — ABA’s global transaction banking subsidiary — today released guidance on the Foreign Account Tax Compliance Act to help practitioners comply with FATCA’s complexities and determine whether and how it applies to various trade product fee types.
The Financial Accounting Standards Board issued the final proposal in its three-pronged effort to address bank accounting that started in 2010.
CECL represents not just a change to bank accounting but to how all banks manage their businesses.
The Office of the Comptroller of the Currency released an update to its Bank Accounting Advisory Series that includes recent answers to frequently asked questions in areas such as contingencies and fair value accounting. The BAAS is intended to promote consistent application of accounting standards among national banks and federal savings associations. While it does