Browsing: IRS

Newsbytes

Following a meeting last month with bankers, ABA staff, the Department of Labor and the Internal Revenue Service, ABA today filed additional comments on DOL’s proposed updates to Form 5500 (Annual Return/Report of Employee Benefit Plan).

Mortgage

The IRS has informed ABA that it will conduct a formal process to issue guidance on whether and how to report — on IRS Form 1098, Mortgage Interest Statement — any accrued but unpaid interest that is added to the principal of modified mortgages.

Newsbytes

The Labor Department today issued a series of frequently asked questions on its final rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act and Internal Revenue Code.

Newsbytes

In response to comments from ABA and other groups, banks yesterday scored a win when the Treasury Department issued a revised final rule to address alleged “interest stripping” that carved out debt instruments issued by most financial institutions from an important portion of the rules.

Newsbytes

House Ways and Means Committee Chairman Kevin Brady (R-Texas) today issued the House Republicans’ proposal for tax reform, which includes substantial simplification of rates and brackets, as well as major reforms to the Internal Revenue Service.

Newsbytes

In a letter to the Internal Revenue Service yesterday, ABA commented on new proposed executor reporting requirements, requesting clarity on several points and recommending that certain provisions be eliminated before the final rule is issued.