A bipartisan group of lawmakers wrote to the Securities and Exchange Commission today expressing concern about the adverse effect of FASB’s current expected credit loss accounting standard on banks and their customers during times of economic stress.
Browsing: Tax and Accounting
The Internal Revenue Service today issued a highly anticipated package of proposed regulations on the Opportunity Zone tax incentive.
More than three-quarters of financial institutions will gather data from five or more years back as they prepare to implement the Current Expected Credit Loss standard.
The American Bankers Association today joined more than 100 trade organizations in a letter of support for H.R. 216, the Main Street Tax Certainty Act of 2019—a bipartisan bill introduced by Reps. Jason Smith (R-Mo.) and Henry Cuellar (D-Texas) in the House.
Senior House Financial Services Committee member Blaine Luetkemeyer (R-Mo.) and Ranking Member Patrick McHenry (R-N.C.) today wrote to Securities and Exchange Commission Chairman Jay Clayton expressing concerns about the coming CECL loan loss accounting approach and its effects on markets and investors.
The Financial Accounting Standards Board today declined to make changes to its current expected credit loss model, as proposed by a group of regional banks, speeding CECL on its path to being implemented for Securities and Exchange Commission registrants as scheduled in 2020.
Congress cannot proclaim its support for community banks while allowing tax-subsidized credit unions to continue growing and competing against banks on a tilted playing field, Florida Bankers Association President and CEO Alex Sanchez wrote in a Fox Business op-ed today.
Rep. Steve Watkins (R-Kan.) today introduced the Enhancing Credit Opportunities for Rural America Act (H.R. 1872), which would end taxation of interest earned from agricultural real estate loans.
The Internal Revenue Service and the Treasury Department has issued proposed regulations related to new reporting rules for certain transfers of life insurance policies that were included in the 2017 tax reform law.