The American Bankers Association today filed a comment letter responding to a notice of proposed rulemaking from the federal banking regulators that would establish requirements for tax allocation agreements between institutions and their holding companies in a consolidated tax filing group.
The American Bankers Association and a broad coalition of trade associations today urged congressional leaders to oppose any efforts to reduce or repeal the 20% deduction for qualified business income under Section 199A—including phasing out the deduction above certain income thresholds.
The Treasury Department today released a report further detailing its proposals to shrink the tax gap as part of the American Families Plan that was unveiled by President Biden last month.
The Treasury Department today provided additional details on the Biden administration’s proposed changes to the U.S. tax code.
The Internal Revenue Service on Monday announced that it intends to issue proposed regulations to confirm the federal deductibility of state taxes at the partnership or S-corporation level for those entities and that the individual limitation does not apply.
The IRS has issued a final rule confirming that deductions allowed under Internal Revenue Code section 67(e) for costs incurred in connection with the administration of a trust or estate are deductible despite the suspension of miscellaneous itemized deductions under the 2017 tax reform law.
The Internal Revenue Service has issued two new guidance documents on the transfer of individual retirement account funds into a state unclaimed property fund.
The Internal Revenue Service today released a long-awaited package of final regulations addressing restrictions on deducting net interest expense, pursuant to the 2017 tax reform law.
In a comment letter last week, ABA offered feedback on a recent IRS proposal to address the treatment of deductions by non-grantor trusts and estates after changes made by the 2018 tax reform law.
A financial transaction tax rate set between 0.1 and 0.5 percent may make an FTT seem innocuous, but it would have a significant negative effect on investors, the economy and the banking industry.