Browsing: Tax and Accounting


The American Bankers Association submitted comments to the American Institute of Certified Public Accountants today on a proposal addressing how auditors will approach accounting estimates and related disclosures after the current expected credit loss standard is implemented.


While progress has been made toward potential changes to international tax principles to reflect the digitization of the economy, more work is needed, according to correspondence between Treasury Secretary Stephen Mnuchin and the secretary-general of the Organization for Economic Cooperation and Development.


In a move long awaited by taxpaying firms with international operations, the Internal Revenue Service and the Treasury Department late Monday issued a series of proposed and final regulations related to the base erosion and anti-abuse tax, or BEAT, and the operation of the foreign tax credit as required by the 2017 tax reform law.


To help lenders comply with the Taxpayer First Act—a new law taking effect Dec. 28 that requires that taxpayers provide express consent for how their tax information will be used and additional consent for it to be shared with other parties—MISMO, the mortgage industry’s standards setting organization, has released new taxpayer consent language that can be used as part of the mortgage transaction.

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