The American Bankers Association and a coalition of trade groups yesterday urged the House Ways and Means Committee not to change the stepped-up basis tax rule that prevents family-owned businesses and farms from damaging tax bills when a family member passes away.
With Congress expected to begin considering a new tax reporting requirement that would require banks to report information on account flows to the Internal Revenue Service as early as next week, bankers are urged to contact their lawmakers to oppose the proposal.
In a letter to House and Senate lawmakers overseeing the Internal Revenue Service, ABA reiterated its opposition to proposed new tax reporting requirements on banks that would require them to report information on account flows on every account above a de minimis threshold of $600, including earnings from investment and business activity.
To encourage more Americans to get vaccinated against COVID-19, the Treasury Department today announced that it will allow certain eligible employers to claim tax credits for providing paid time off to employees to take a family or household member or certain other individuals to get vaccinated, or to care for a family or household member or certain other individuals recovering from the vaccination.
The Financial Accounting Standards Board today voted to add two projects to its technical agenda based on feedback it received through its CECL project implementation review process.
The Internal Revenue Service released a Spanish-language version of its online tool that helps users determine whether they qualify for the Child Tax Credit and its monthly advance payments.
As part of global efforts to acknowledge the large and growing role of digital activities in the economy, the Organization for Economic Cooperation and Development’s 139-member “Inclusive Framework” today endorsed an agreement on how large multinational firms allocate their profits in different tax jurisdictions.
The Federal Reserve today said it plans to launch a new tool, the Scaled CECL Allowance for Losses Estimator, or SCALE, to help community banks implement the current expected credit loss standard.
Families eligible to receive the expanded child tax credit payments now have the ability to update their bank account information so they can easily receive their payments, the Internal Revenue Service announced today.
Last week, the IRS extended through June 30, 2022, its temporary relief from the physical presence requirement for spousal consents required to be witnessed by notary public or plan representative.