ABA calls for expansion of de minimis exception for reportable policy sales
ABA last week offered feedback to the Internal Revenue Service on proposed regulations regarding the application of the transfer for...
Tax and Accounting
IRS releases plan to guide agency transformation
The IRS unveiled a strategic operating plan to guide a proposed transformation of the agency over the next 10 years.
FASB expands proportional amortization method to investments in tax credit structures
The Financial Accounting Standards Board this week issued an accounting update expanding the range of tax credit structures for which...
ABA to PCAOB: Confirmation process needs modernization beyond current proposal
The proposal as currently outlined doesn’t go far enough to consider current and future technical opportunities and risks, ABA says.
Lawmakers raise concerns about balance sheet treatment of crypto custody assets
Rep. Patrick McHenry (R-N.C.) and Sen. Cynthia Lummis (R-Wyo.) this week asked the banking agencies for clarification regarding an April...
Treasury issues guidance for comment on stock repurchase excise tax, AMT
The Treasury Department issued initial guidance regarding a new annual excise tax that applies to repurchases of a publicly traded...
Financial Accounting Foundation issues new strategic plan
The new plan outlines the goals that the organization will address during the next several years.
Mind the GAAP: Assessing bank health in the current environment
Regulatory capital, together with other risk metrics, is a better assessment than tangible-based capital measures when assessing bank conditions.
Reconciliation bill means selected new taxes, significant expansion of green energy initiatives
ABA's Kinsella recaps key provisions of the Inflation Reduction Act.
Senate Democrats pass reconciliation package
After months of negotiating, the Senate yesterday passed legislation to address selected portions of the Biden administration’s agenda for climate...
