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Browsing: Tax/Accounting
AICPA Releases Working Draft of Accounting Issues for CECL Implementation
The American Institute of Certified Public Accountants’ financial reporting executive committee today issued a working draft of accounting issues related to the implementation of the Current Expected Credit Loss standard.
ABA, State Associations Call for CECL Quantitative Impact Study
In a letter to Treasury Secretary Steven Mnuchin yesterday, ABA and 52 state bankers associations called for a quantitative impact study to assess the full effects of the Financial Accounting Standards Board’s Current Expected Credit Loss standard on bank capital.
Trade Associations Call for Continued Modernization of IRS Data Systems
As Congress continues to consider ways to modernize and strengthen the IRS’ taxpayer authentication procedures, the American Bankers Association joined eight other finance and housing groups in calling for a modern, secure and fully integrated business to government solution for taxpayer authentication.
ABA Urges IRS to Apply Passthrough Deduction to Charitable Remainder Trusts, Common Trust Funds
In a comment letter today, the American Bankers Association yesterday called on the Internal Revenue Service to specifically address charitable remainder trusts and common trust funds as it prepares guidance on implementing Section 199A of the Tax Cuts and Jobs Act.
Climate-Related Disclosures Task Force Issues Status Update
A task force of the Basel, Switzerland-based Financial Stability Board has issued a status update on its efforts to develop voluntary financial disclosures related to climate change, which could affect banks both as preparers and as users of public disclosures.
ABA, Trade Groups Urge Clarity in Proposed Pass-Through Deduction Regulations
ABA, the Independent Community Bankers of America and the Subchapter S Bank Association today filed a comment letter on the IRS’ proposed regulations implementing the 20 percent deduction for pass-through entities under the 2017 tax reform law.
ABA Supports Proposed CECL Effective Date Change, Calls for Cost-Benefit Analysis
In a comment letter to the Financial Accounting Standards Board today, the American Bankers Association offered support for a proposal that would allow non-public business entities to implement CECL on Jan. 1, 2022.
ABA Issues Staff Analysis of Proposed Pass-Through Deduction Regulations
As Treasury and the IRS work to implement the new tax reform law, the American Bankers Association has published a new staff analysis on the recently proposed regulations that would implement the 20 percent deduction that pass-through entities, including Subchapter S corporations, can take under the 2017 law.
House Committee Approves ‘Tax Reform 2.0’ Bills
Today the House Ways and Means Committee marked up three bills referred to collectively as “tax reform 2.0.”