ABA Unveils 2017 ‘Blueprint for Growth’
As the 115th Congress gears up to address tax reform, regulatory relief and other legislative action, ABA today released its 2017 Blueprint for Growth.
Browsing: Tax and Accounting
ABA: Five-Year CECL Capital Transition Needed
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.
IRS Issues Guidance for Information Reporting De Minimis Rule
The IRS yesterday issued guidance on the safe harbor from penalties for tax filers making de minimis errors when filing information returns.
IRS Issues Guidance on Tax Treatment of TLAC Debt
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.
Federal Regulatory Agencies Issue CECL FAQs
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 Comments on IRS Rule Limiting Valuation Discounts
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.
IRS to Issue Guidance on Modified Loan Interest Ambiguity
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.
ABA Wins Delay on Proposed IRS Security Protocol
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.
Treasury Issues Controversial ‘Interest Stripping’ Final Rule
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.
Basel Proposes Interim Retention Treatment of Loss Provisions
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.