IRS Issues Final Regulations on Opportunity Zones
The Internal Revenue Service has issued a long-awaited package of final regulations on the Opportunity Zones tax incentive that was created by the 2017 tax reform law.
Browsing: Tax and Accounting
Senate Clears 2020 Spending Bills; Orders CECL Review
In a 71 to 23 vote this afternoon, the Senate approved a spending package for the current fiscal year, funding the government through Sept. 30, 2020.
House Passes 2020 Spending Bills; CECL Study Required
The House today approved a spending package for the current fiscal year, funding the government through Sept. 30, 2020. The Senate is expected to vote on the spending bills later this week.
ABA, BPI Seek Greater Clarity from Regulators’ Proposed CECL Policy Statement
ABA and the Bank Policy Institute today offered feedback to the financial regulatory agencies on a recently proposed policy statement aimed at providing guidance for institutions implementing the current expected credit loss accounting standard.
ABA Calls for Greater Clarity in CECL Audit Proposal
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.
Developing and Retaining Top Talent for Long-Term Success
It’s fairly obvious why banks are so focused on attracting and retaining high caliber employers. Just as in sports, when you have a talented team and a good game plan, you get great results.
Mnuchin: More Work Needed on Changes to International Tax Principles
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.
IRS Issues a Package of Proposed, Final Tax Regulations
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.
Mortgage Industry Group Issues Language to Help Lenders Comply with New 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.
House Members Call for OFR Study of CECL’s Financial Stability Impact
A bipartisan group of 28 House members last week called on the Financial Stability Oversight Council to require that the Office of Financial Research study potential financial stability effects of the current expected credit loss model for loan loss accounting, which goes into effect for large reporting companies as soon as January.