As Treasury and the IRS work to implement the new tax reform law, the American Bankers Association has published a new staff analysis on the recently proposed regulations that would implement the 20 percent deduction that pass-through entities, including Subchapter S corporations, can take under the 2017 law.

Today the House Ways and Means Committee marked up three bills referred to collectively as "tax reform 2.0."

FDIC-insured banks and savings institutions earned $60.2 billion in the second quarter, a 25.1 percent increase from the industry’s earnings a year before, the FDIC said today.

The Internal Revenue Service today issued initial guidance addressing changes made by the new tax reform law to the deductibility of compensation for corporate executives.

The Internal Revenue Service and the Treasury Department today issued proposed regulations implementing the 20 percent deduction that pass-through entities, including Subchapter S corporations, can take under the 2017 tax reform law.

The Treasury Department on Monday submitted to the Office of Management and Budget the first group of proposed regulations related to a provision of the tax reform bill that established a 20 percent deduction for pass-through entities, including Subchapter S corporations.

In a recent notice, the Internal Revenue Service released guidance clarifying that trustee and executor fees may continue to be deducted from a trust or estate’s income after the new tax reform law suspended the deduction of miscellaneous itemized deductions for by individual, trust and estate taxpayers.

Top executives at 89 percent of large U.S. companies are seeing tax savings as a result of the tax reform bill passed late last year, and they plan to continue using their savings to invest in growth-related activities, according to a survey of CEOs, COOs and CFOs conducted by PwC.

The American Bankers Association today wrote to the Internal Revenue Service outlining several key issues that the IRS and the Treasury Department should include in their 2018-2019 Priority Guidance Plan.

As the Treasury Department develops guidance to implement Section 199A of the Tax Cuts and Jobs Act, it should be clear that Subchapter S banks are eligible for the section's pass-through deduction as Congress intended, a group of trade associations said yesterday.