The Internal Revenue Service’s seizure program for allegedly structured business deposits swept up millions of dollars in legally sourced funds that were not returned to their owners, according to a major report from the IRS’s independent inspector general.
Browsing: Tax and Accounting
Regulatory reform legislation is expected to move in the U.S. House after healthcare reform and tax reform bills are completed, House Majority Whip Steve Scalise (R-La.) told attendees at ABA’s Government Relations Summit today.
The Financial Accounting Standards Board yesterday signaled that it would continue clearing the way for banks to hedge their interest rate risks with derivatives.
The Internal Revenue Service today warned the public of a widespread email phishing scheme that scammers are using to steal sensitive employee information.
As the 115th Congress gears up to address tax reform, regulatory relief and other legislative action, ABA today released its 2017 Blueprint for Growth.
Citing potential high volatility in credit loss allowances under the CECL accounting standard, ABA recently called on the Basel Committee for Banking Supervision to allow banks a minimum of five years to phase into regulatory capital the incremental allowances for credit losses under the CECL standard at the time of initial implementation.
The IRS yesterday issued guidance on the safe harbor from penalties for tax filers making de minimis errors when filing information returns.
The Internal Revenue Service has issued a revenue procedure that provides guidance on the tax treatment of certain internal debt that is required to be issued by intermediate holding companies to parent foreign holding companies to meet recently finalized total loss absorbing capacity, or TLAC, requirements.
The federal regulatory agencies today published an FAQ document on the Financial Accounting Standards Board’s Current Expected Credit Loss standard and the implementation process.
ABA today commented on a proposal by the IRS that would limit valuation discounts of family interests in certain family entities for estate, gift and generation-skipping transfer tax purposes.