The Internal Revenue Service today warned the public of a widespread email phishing scheme that scammers are using to steal sensitive employee information.
Banks across the country are increasing access to tax support services and extending the benefits of EITC.
The IRS yesterday issued guidance on the safe harbor from penalties for tax filers making de minimis errors when filing information returns.
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.