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.
The American Institute of CPAs today issued recommendations aimed at a common understanding of how accountants can serve as agents for purposes of the Small Business Administration’s Paycheck Protection Program.
The Financial Accounting Standards Board today delayed for certain filers the effective date of its new lease accounting guidance, which requires all operating leases to be recorded on the balance sheet of lessees.
The American Bankers Association, the International Banking Federation and other trade organizations wrote to the Organization for Economic Co-operation and Development and European Commission today highlighting various compliance challenges related to tax withholding rules and procedures in connection with cross-border transactions during the coronavirus pandemic.
In a letter to SEC Chairman Jay Clayton this week, Rep. David Kustoff (R-Tenn.) urged the agency to rethink its approach to implementing the temporary delay of the current expected credit loss standard that was included in the CARES Act.
As required by the CARES Act, the Treasury Department and the IRS will begin issuing economic impact payments to Americans next week. To help facilitate the timely disbursement of these payments, they have launched a new web tool for individuals who do not normally file a tax return to input their payment information.
In a letter to bank CEOs last night, the federal banking agencies restated that they would not take action against institutions that submit their March 31, 2020, Call Report after the filing deadline, provided that the report is submitted within 30 days of the original filing date.
The federal banking agencies today updated guidance on working with borrowers affected by the coronavirus pandemic.
With the government soon to be releasing economic impact payments to individuals and families, the IRS has created several resources to help communicate information about who will be eligible.