The FDIC today finalized changes to the risk-based deposit insurance system that applies to banks with more than $10 billion in assets to address the temporary deposit insurance assessment effects resulting from CECL implementation. The final rule takes effect April 1.
The Financial Accounting Standards Board announced this week that in response to comments by ABA and others, it will expand the scope of a recent proposal on goodwill accounting alternatives for evaluating triggering events.
The Internal Revenue Service this week instructed lenders that had, in accordance with previous Small Business Administration guidance, filed or furnished to borrowers form 1099-MISC for subsidies paid by the SBA to file and furnish corrected forms that exclude these subsidized loan payments.
The Small Business Administration last night issued several notices providing updated guidance on various COVID-19 relief programs.
he Internal Revenue Service today issued guidance addressing various tax information reporting issues that arose as a result of taxpayer subsidies included in the CARES Act and the more recent COVID-19 relief bill.
The Internal Revenue Service announced today that it will delay the start of tax filing season until Feb. 12.
The Internal Revenue Service has submitted a report to Congress—as required by the 2019 Taxpayer First Act—outlining a strategic plan to enhance taxpayer service and experience.
The Internal Revenue Service today announced that—in a reversal of previous guidance—it will reissue payments for taxpayers who did not initially receive their second-round economic impact payments due to a processing error.
As the Internal Revenue Service continues to address the error that caused millions of economic impact payments to be incorrectly routed to temporary or incorrect bank accounts, the IRS today said that, together with tax industry partners, it is “taking immediate steps to redirect stimulus payments to the correct account for those affected.”
The IRS today issued additional instructions in an attempt to remedy the processing error that led to millions of economic impact payments being erroneously sent to accounts that were closed, inactive or temporary accounts.