In an op-ed published on the Inside Indiana Business website yesterday, Indiana Bankers Association President and CEO Amber Van Til pushed back against several erroneous assertions often made by the credit union industry about the need for the credit union tax exemption, including the claim that credit unions are mostly small, humble institutions serving customers of limited means.
The Internal Revenue Service and the Treasury Department today issued proposed regulations implementing the 20 percent deduction that pass-through entities, including Subchapter S corporations, can take under the 2017 tax reform law.
A story in today’s Wall Street Journal examined efforts by Pentagon Federal Credit Union to grow significantly and in the process “test regulatory limits,” as the headline put it.
Implementation deadlines may seem distant but they’re looming now.
The Treasury Department on Monday submitted to the Office of Management and Budget the first group of proposed regulations related to a provision of the tax reform bill that established a 20 percent deduction for pass-through entities, including Subchapter S corporations.
Responding to a concern initially raised by the American Bankers Association in a discussion paper, the Financial Accounting Standards board agreed today to propose changing the effective date of the Current Expected Credit Loss accounting standard for “non-public business entities” to fiscal years beginning after Dec. 15, 2021.
As banks prepare to implement the Current Expected Credit Loss standard, ABA on Friday called on financial regulators to provide for a complete and ongoing adjustment of common equity tier 1 capital for the effects of CECL until a new capital regime can be finalized.
In a recent notice, the Internal Revenue Service released guidance clarifying that trustee and executor fees may continue to be deducted from a trust or estate’s income after the new tax reform law suspended the deduction of miscellaneous itemized deductions for by individual, trust and estate taxpayers.
When it comes to banking, Laurie Stewart has seen it all. She started her career as a teller at a regional thrift; later, she worked as a bank examiner, and more recently, she served as chief executive of a credit union, a mutual bank and a commercial bank.
Top executives at 89 percent of large U.S. companies are seeing tax savings as a result of the tax reform bill passed late last year, and they plan to continue using their savings to invest in growth-related activities, according to a survey of CEOs, COOs and CFOs conducted by PwC.