Letting the IRS Into Your Bank Account: Separating Fact from Fiction
The IRS reporting proposal is not the way to address the tax gap. Most Americans agree, and as more of them learn the details, we expect that number will grow.
Browsing: Tax and Accounting
Broad Coalition of Business Trade Groups Pan Tax Reporting Proposal
The American Bankers Association today joined a broad coalition of business trade groups in a letter to House and Senate leaders urging them to reject a Biden administration proposal to require financial institutions to report information about gross inflows and outflows of all accounts above a de minimis threshold of $600.
Task Force on Climate-Related Financial Disclosures Issues 2021 Status Report
The Financial Stability Board-sponsored Task Force on Climate-related Financial Disclosure issued an update to its 2017 recommendations of disclosure of climate-related financial information.
Podcast: How the IRS Reporting Proposal Would Affect Banks and Customers
Citizens Bank of Edmond CEO Jill Castilla talks about the effects the Biden administration’s controversial proposal for a financial account reporting regime would have on a bank like hers.
SEC Signals Reflect Administration’s Climate Change Concerns
As the SEC considers comments from its recent request for information on climate change disclosures, the Office of Corporation Finance has published a model comment letter consisting of comments that recently have been sent to various SEC registrants related to climate change.
ABA Comments on FASB’s Technical Agenda
ABA submitted a comment letter in which it called on FASB to both prioritize their projects on troubled debt restructurings and goodwill, and asked the board to add several projects to its agenda.
Congress Debates Significant Tax Changes
As part of its budgetary process known as “reconciliation,” the House of Representatives has outlined a series of income tax proposals that could have a significant effect on banks and their customers.
Key Takeaways From the 2021 AICPA National Conference
This year’s AICPA annual conference brought together key players in the bank accounting space, including banking agencies and banks and audit firms of all sizes. The event served as a forum for public statements, insight and market intel from these institutions.
Fed’s SCALE Method for CECL: Haze Lifted, Questions Remain
The Federal Reserve introduced its CECL Scalable CECL Allowance Estimator, or SCALE, method and tool during an “Ask the Fed” webinar this summer.
Tax Foundation: Eliminating Credit Union Tax Exemption Would Do Minimal Economic Harm
Eliminating the credit union tax exemption would support sound tax policy, a new report from the Tax Foundation found. The think tank used the credit union tax exemption as a case study for how corporate loopholes could be reformed.