ABA today submitted its recommendations for items that should be included on the Internal Revenue Service’s priority guidance plan—a list of issues that the IRS maintains to monitor and prioritize those requiring additional guidance.
Browsing: Tax and Accounting
In a comment letter to the Securities Exchange Commission today, the American Bankers Association offered support for a recent proposal to update and codify existing guidance and views on determining fair value in good faith for mutual fund investments.
In a comment letter last week, ABA offered feedback on a recent IRS proposal to address the treatment of deductions by non-grantor trusts and estates after changes made by the 2018 tax reform law.
How recent accounting changes will affect troubled debt restructurings in the short and long term.
A bipartisan group of senators yesterday urged Treasury Secretary Steven Mnuchin to direct the Financial Stability Oversight Council to conduct a study on the current expected credit loss accounting standard’s effect on lending and the economy.
Three years after it was issued—and amid numerous congressional hearings, a mandate for the Treasury Department to study its economic impacts, and recent regulator calls for reconsideration—the CECL accounting standard became effective for most large banks on January 1, 2020.
Whether institutions are using CECL or incurred loss methodology, estimating credit losses in today’s pandemic-stressed economic environment is challenging to say the least.
In a letter to IRS officials yesterday, ABA called for additional guidance to help taxpayers and financial institutions comply with tax-related obligations during the coronavirus pandemic.
In a comment letter to the financial regulatory agencies today, ABA warned of potential unintended consequences that could arise as a result of a recent interim final rule delaying the three-year phase-in of the regulatory capital effects of the CECL standard for two years.
A total of 88 million Americans received economic impact payments totaling $158 billion within the first three weeks of the program, the IRS reported today.