Fed: CECL Tool for Community Banks to Launch July 15
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.
Browsing: Tax and Accounting
IRS: Child Tax Credit Recipients Now Able to Submit Direct Deposit Information
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.
IRS Provides Yearlong Extension to Relief from Physical Presence Requirement
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.
CECL’s First Wave Offers Insights for Smaller Banks
Many banks have until January 1, 2023 before they must implement the current expected credit loss standard, or CECL. But it’s not too soon to start gleaning lessons from larger institutions that are already utilizing the new standard.
ABA, Trade Groups Warn Against Changes to Section 199A Tax Deduction
The American Bankers Association and a broad coalition of trade associations today urged congressional leaders to oppose any efforts to reduce or repeal the 20% deduction for qualified business income under Section 199A—including phasing out the deduction above certain income thresholds.
IRS Adds Online Tools to Manage Child Tax Credit Payments
The Internal Revenue Service released two new online tools to help manage monthly Child Tax Credit payments, which were authorized under the American Rescue Plan.
Eliminating TDR Accounting: Finally a Carrot for Adopting CECL?
By Josh Stein ABA’s position that troubled debt restructurings are outdated and unnecessary is gaining…
IRS Unveils Online Tool for Non-Filers to Facilitate Monthly Child Tax Credit
The Internal Revenue Service has created a new online tool for families that are normally not required to file an income tax return to register for the expanded Child Tax Credit payments, which were authorized by the American Rescue Plan and which will begin to be distributed on July 15.
ABA Calls for Expanded Safe Harbor for SEC Climate Disclosures, Flexibility for Community Banks
The American Bankers Association urged the Securities and Exchange Commission today to provide a wide safe harbor for information and statements made in disclosures addressing climate risk.
Trade Groups Caution Lawmakers on Enhanced Reporting Requirements for Banks
Ahead of a House Ways and Means subcommittee hearing today on shrinking the tax gap, ABA and 10 other financial trade associations cautioned lawmakers about creating new reporting requirements for banks that would “impose cost and complexity that are not justified by the potential, and highly uncertain, benefits.”