The Internal Revenue Service on Monday announced that it intends to issue proposed regulations to confirm the federal deductibility of state taxes at the partnership or S-corporation level for those entities and that the individual limitation does not apply.
Browsing: Tax and Accounting
The IRS has issued a final rule confirming that deductions allowed under Internal Revenue Code section 67(e) for costs incurred in connection with the administration of a trust or estate are deductible despite the suspension of miscellaneous itemized deductions under the 2017 tax reform law.
By Josh Stein For banks that have experienced rapid and possibly short-term inflows of assets…
By Mike Gullette Credit goes to the Department of Treasury with their conclusion, documented in…
For banks that have experienced rapid and possibly short-term inflows of assets and deposits during the coronavirus pandemic, the FDIC today issued an interim final rule providing relief from auditing, internal control and audit committee requirements that would have resulted from those inflows.
The Securities Exchange Commission today published in the Federal Register its final rule updating required disclosures that bank and savings and loan registrants are required to provide to investors, known as Industry Guide 3.
In a letter to the Internal Revenue Service yesterday, the American Bankers Association and several insurance trade groups requested that the IRS make permanent temporary relief from the physical presence requirement for spousal consent.
The IRS has issued new guidance directing lenders not to file information returns or furnish statements to borrowers to report the amount of qualifying loan forgiveness for covered loans made under the Paycheck Protection Program.
While noting emerging indicators that credit availability declined and lending standards tightened in early 2020, the Treasury Department yesterday said it is difficult to find a link between these trends and the current expected credit loss framework due to the coronavirus pandemic.
The Securities and Exchange Commission today informed ABA that it does not object to the association’s conclusion that Main Street Lending Program transactions meet the legal isolation criteria necessary for sale accounting treatment under U.S. generally accepted accounting principles.