The Financial Accounting Standards Board this week issued an accounting update expanding the range of tax credit structures for which the proportional amortization method of accounting may be applied—something ABA had called on the board to address.
Accompanying President Biden’s fiscal year 2024 budget, the administration this week released its “Green Book,” which includes proposed tax changes likely to be pursued in the coming year along with supplements to the announced budget.
The American Bankers Association recently submitted comments on a proposal to broaden the availability of the option to apply the proportional amortization method from certain investments in affordable housing to any tax credit investment that meets specified criteria.
The American Bankers Association this week joined a coalition of trade groups in a letter to Treasury Secretary Janet Yellen expressing strong concerns on the potential negative effects of the Organization for Economic Cooperation and Development’s Pillar 2 minimum tax rules.
The Biden administration yesterday released its “Green Book,” a document that contains proposed tax changes that the administration will likely pursue during the coming year.
ABA submitted a comment letter in which it called on FASB to both prioritize their projects on troubled debt restructurings and goodwill, and asked the board to add several projects to its agenda.
To encourage more Americans to get vaccinated against COVID-19, the Treasury Department today announced that it will allow certain eligible employers to claim tax credits for providing paid time off to employees to take a family or household member or certain other individuals to get vaccinated, or to care for a family or household member or certain other individuals recovering from the vaccination.
The Internal Revenue Service released a Spanish-language version of its online tool that helps users determine whether they qualify for the Child Tax Credit and its monthly advance payments.
Families eligible to receive the expanded child tax credit payments now have the ability to update their bank account information so they can easily receive their payments, the Internal Revenue Service announced today.
The Internal Revenue Service released two new online tools to help manage monthly Child Tax Credit payments, which were authorized under the American Rescue Plan.