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.”
The Internal Revenue Service today urged all individuals and families who have not yet filed their 2019 or 2020 tax returns to do so as soon as possible so that those who are eligible may begin receiving the expanded Child Tax Credit payments, which were authorized by the American Rescue Plan and which will begin to be distributed on July 15.
The American Bankers Association last week submitted recommendations to the Internal Revenue Service on tax issues that are in need of interpretive guidance for the upcoming fiscal year.
The Treasury Department on Friday released its “Green Book,” which contains details on the tax changes that the Biden administration is proposing to help fund the budget for the coming fiscal year.
The Treasury Department today released a report further detailing its proposals to shrink the tax gap as part of the American Families Plan that was unveiled by President Biden last month.
During a virtual roundtable hosted by the Financial Accounting Standards board today, investors, bankers and regulators expressed broad agreement on accounting alternatives related to troubled debt restructurings under CECL and acquired loans.
The American Bankers Association urged the IRS yesterday to delay the use of new draft forms W-4P and W-4R, which are used to determine the appropriate amount of federal income tax to be withheld for various types of retirement distributions.
Agencies propose requiring that national banks, state banks and savings associations that file tax returns as part of a consolidated tax filing group be required to enter into tax allocation agreements with their holding companies and other members of the consolidated group that file a consolidated group tax return.
Under the recently enacted American Rescue Plan Act of 2021, small and midsize employers with fewer than 500 employees may claim refundable tax credits that reimburse them for the cost of providing paid sick leave and family leave to their employees due to COVID-19, including leave taken to receive or recover from COVID-19 vaccinations, the IRS reminded companies today.
In a letter to the Internal Revenue Service this week, the American Bankers Association and several insurance trade groups reiterated their request that the IRS make permanent its temporary relief from the physical presence requirement for spousal consent.