Amid the growing economic fallout from the coronavirus pandemic and public health response, ABA and several other financial trade groups urged the Securities and Exchange Commission to use its statutory authority over public company accounting rules to delay implementation of the Current Expected Credit Loss approach.
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Treasury Secretary Steven Mnuchin today announced that at the direction of President Trump, the IRS will extend the tax filing deadline from April 15 to July 15.
In light of the sudden and significant economic changes wrought by the coronavirus pandemic and public health response, FDIC Chairman Jelena McWilliams today asked the Financial Accounting Standards Board to allow banks that have begun implementing Current Expected Credit Loss methodology to postpone it, as well as to impose a CECL moratorium for banks not yet required to implement it.
As previewed by Treasury Secretary Steven Mnuchin yesterday, the IRS today issued a notice confirming that taxpayers may defer their payments that would have otherwise been due on April 15 for up to 90 days.
In a press conference Tuesday afternoon, U.S. Treasury Secretary Steven Mnuchin announced that taxpayers may delay making tax payments that would otherwise be due on April 15 for up to 90 days.
With concerns growing nationwide about the coronavirus, or COVID-19, pandemic, the IRS has issued guidance confirming that Americans financing their health care with a health savings account can access free COVID-19 testing.
As banks work to implement the current expected credit loss accounting standard, the financial regulatory agencies have finalized an interagency policy statement on allowances for credit losses.
As part of its ongoing efforts to educate policymakers and the public about large credit unions’ abuse of their tax exemption, the American Bankers Association—through its Explore Credit Unions campaign—is launching a new series of ads designed to highlight how large credit unions have lost their way.
Congress should focus its attention in 2020 on the tax treatment of large, bank-like credit unions and reconsider the merit of the tax exemption these entities enjoy, according to a new issue brief published by the National Taxpayers Union today.
The American Bankers Association wrote to the Internal Revenue Service last week seeking relief from certain aspects of the new IRS’ application process for obtaining an Employer Identification Number for trusts and estates of descendants.