Author: Alexa Key

15

April

Blog Image

Bank Wire

CECL: Banking agencies offer regulatory capital relief The federal bank regulatory agencies recently finalized a rule that offers banks relief from the regulatory capital impact of the new Current Expected Credit Loss (CECL) standard. CECL discards the traditional incurred-loss model for recognizing credit losses in favor of a forward-looking approach. That is, banks will recognize … Continued

Read More

09

April

Blog Image

Federal Reserve focuses on emerging risks

Late last year, the Federal Reserve released its inaugural Supervision and Regulation Report. The report is designed to summarize banking conditions and the Fed’s supervisory and regulatory activities. Worth Noting Here are some highlights from the report: Banking system conditions. The Fed reports that the U.S. banking system is generally strong, that loan growth remains … Continued

Read More

09

April

Blog Image

Deductible Business Interest

Taxpayers can generally deduct business interest paid or accrued during the year, subject to limits. The U.S. Congress Joint Committee on Taxation has published a briefing, titled “Overview of Limitation on Deduction of Business Interest,” to clarify changes brought by the Tax Cuts and Jobs Act. The briefing discusses these topics: definition of terms; carryforward … Continued

Read More

02

April

Blog Image

Employer Identification Number (EIN) Process

The IRS is revising the Employer Identification Number (EIN) process. Anyone filing a tax return or other documents with the IRS must provide a taxpayer ID number. One way that employers, estates, and certain others do so is with an EIN. The IRS has announced that, as of 5/13/19, to obtain a nine-digit EIN, the … Continued

Read More

01

April

Blog Image

Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019

Top Republicans on the U.S. House Ways and Means Committee introduced legislation on 3/29/19 that is designed to help strengthen Americans’ long-term financial security. If it passes, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 would expand opportunities for Americans to increase their retirement savings. It would also repeal the maximum … Continued

Read More