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).
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.
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.
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.
ABA today urged the Treasury Department not to proceed with a proposed rulemaking intended to address alleged “interest stripping,” transactions that use inter-affiliate debt to take deductions in a higher-tax jurisdiction and receive the income in a no- or low-tax jurisdiction.
In response to advocacy by ABA and others, the Internal Revenue Service today said that it would extend an implementation deadline for new requirements for lenders using the Income Verification Express Service to verify loan applicants’ incomes.
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.
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.
Following ABA’s recent request, the IRS today said it would extend the compliance deadline for new proposed executor reporting requirements.
In a letter to the IRS today, ABA requested that the agency extend the March 31 compliance deadline for new proposed executor reporting requirements until August 2016.