ABA: Treasury’s ‘Interest Stripping’ Proposal Would Hinder Normal Business
ABA today urged the Treasury Department not to proceed with a proposed rulemaking intended to address alleged “interest stripping,” transactions...
Tax and Accounting
ABA Wins Extension For New Income Verification Requirements
In response to advocacy by ABA and others, the Internal Revenue Service today said that it would extend an implementation...
House Republicans Unveil Tax Reform Plan
House Ways and Means Committee Chairman Kevin Brady (R-Texas) today issued the House Republicans’ proposal for tax reform, which includes...
Agencies Issue Guidance on Final CECL Standard
The federal banking agencies today issued guidance on implementing the Financial Accounting Standards Board’s new loan loss accounting standard, which...
FASB Issues Final Loan Loss Accounting Standard
As long expected, the Financial Accounting Standards Board today issued its new loan loss accounting framework, also known as the...
ABA Comments on Executor Reporting Requirements
In a letter to the Internal Revenue Service yesterday, ABA commented on new proposed executor reporting requirements, requesting clarity on...
ABA Supports Proposed Subchapter S, LLC Tax Bills
ABA last week submitted a statement for the record expressing support for two bills introduced by Rep. Kenny Marchant (R-Texas)...
Climate-Related Financial Disclosures On Regulators’ Radar
Voluntary financial climate-related reporting was discussed at a recent Washington, D.C., meeting hosted by a task force of the Basel,...
FASB Moves Forward with CECL, Delays Implementation
The Financial Accounting Standards Board voted today to move forward with its Current Expected Credit Loss standard, but agreed to...
ABA Urges Regulators to Consider Costs, Benefits of CECL
ABA in a letter today urged the federal banking regulators to take an active part in the Financial Accounting Standards...
