U.S. Department of the Treasury says SBA and Treasury Announce PPP Re-Opening; Issue New Guidance | site |
(Information contained in U.S. Department of the Treasury press release: January 8, 2021)
Washington - - The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11 and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.
This round of the PPP...
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U.S. Department of the Treasury says SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
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- Published: 01-09-2021, 12:03 AM
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in FinanceU.S. Department of the Treasury says SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
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Agencies issue Statement on LIBOR Transition
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Staff Reporter 1
- Published: 12-01-2020, 11:29 AM
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in FinanceAgencies issue Statement on LIBOR Transition
Agencies issue Statement on LIBOR Transition| site |
(Information contained in Board of Governors of the Federal Reserve System press release: November 30, 2020)
Agencies issue Statement on LIBOR Transition
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
WASHINGTON—The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency today issued a statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly—and safe and sound— LIBOR transition.
Statement on LIBOR Transition (PDF)... -
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The Treasury Department and IRS issue Final Regulations regarding Like-kind Exchanges of Real Property
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Staff Reporter 1
- Published: 11-24-2020, 07:57 PM
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in Tax NewsThe Treasury Department and IRS issue Final Regulations regarding Like-kind Exchanges of Real Property
The Treasury Department and IRS issue Final Regulations regarding Like-kind Exchanges of Real Property | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: November 23, 2020)
WASHINGTON – Today the Treasury Department and Internal Revenue Service issued final regulations relating to section 1031 like-kind exchanges. These final regulations address the definition of real property under section 1031 and also provide a rule addressing the receipt of personal property that is incidental to real property received in a like-kind exchange. The 2017 Tax Cuts and Jobs Act (TCJA) limited like-kind exchange treatment to exchanges of real property. As of January 1, 2018, exchanges of personal or intangible property such as vehicles, artwork, collectibles, patents, and other intellectual property generally do not qualify for nonrecognition of gain as like-kind exchanges. Also, like-kind exchange treatment applies only to exchange... -
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Treasury and IRS Issue Guidance Clarifying the Deductibility of Expenses Where a Business Received a PPP Loan
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Staff Reporter 1
- Published: 11-20-2020, 05:27 AM
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in FinanceTreasury and IRS Issue Guidance Clarifying the Deductibility of Expenses Where a Business Received a PPP Loan
Treasury and IRS Issue Guidance Clarifying the Deductibility of Expenses Where a Business Received a PPP Loan | site |
(Information contained in U.S. Department of the Treasury press release: November 18, 2020) WASHINGTON – The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance today clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. This results in neither a tax benefit nor tax harm since the taxpayer has not paid anything out of pocket. If a business reasonably believes that a PPP loan will be forgiven in the future, expenses related to the loan are not deductible, whether the business has filed for forgiveness or not. Therefore, we encourage businesses to file for forgiveness as soon as possible. In the case where a PPP loan was expe... -
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Agencies issue Final Rule to Strengthen Resilience of Large Banks
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- Published: 10-22-2020, 02:35 AM
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in FinanceAgencies issue Final Rule to Strengthen Resilience of Large Banks
Agencies issue Final Rule to Strengthen Resilience of Large Banks| site |
(October 20, 2020) - - Today, October 20, 2020, the Board of Governors of the Federal Reserve System published the following information:
Agencies issue final rule to strengthen resilience of large banks
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency The federal bank regulatory agencies on Tuesday finalized a rule strengthening the resilience of large banks by requiring them to maintain a minimum level of stable funding over a one-year period. The net stable funding ratio, or NSFR, final rule will require large banks to maintain a minimum level of stable funding, relative to each institution's assets, derivatives, and commitments. As a result, the NSFR rule will support the ability of banks to lend to households and businesses in both normal and adverse ec... -
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Agencies issue Statement providing Additional Information for certain Bank Secrecy Act Due Diligence Requirements
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Staff Reporter 1
- Published: 08-31-2020, 07:48 PM
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in ArticlesAgencies issue Statement providing Additional Information for certain Bank Secrecy Act Due Diligence Requirements
Agencies issue Statement providing Additional Information for certain Bank Secrecy Act Due Diligence Requirements | site |
(August 21, 2020) - - Today, August 21, 2020, the Board of Governors of the Federal Reserve System published the following information:
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Financial Crimes Enforcement Network
National Credit Union Administration
Office of the Comptroller of the Currency
WASHINGTON—The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency today issued a joint statement clarifying that Bank Secrecy Act (BSA) due diligence requirements for customers who may be considered "politically exposed persons" (PEPs) should be commensurate with the risks posed by the PEP... -
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Agencies Issue Host State Loan-to-Deposit Ratios
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Staff Reporter 1
- Published: 06-05-2020, 05:06 AM
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in FinanceAgencies Issue Host State Loan-to-Deposit Ratios
Agencies Issue Host State Loan-to-Deposit Ratios| site |
(June 2, 2020) - - Today (June 2, 2020), the Federal Deposit Insurance Corporation (FDIC) published the following information:
Joint Release
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies Issue Host State Loan-to-Deposit Ratios
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the prior year's ratios, which were released on May 28, 2019. In general, section 109 prohibits a bank from establishing or acquiring a branch or branches outside of ... -
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IRS, Treasury issue Proposed Regulations updating Income Tax Withholding Rules
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Staff Reporter 1
- Published: 02-12-2020, 05:50 AM
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in Tax NewsIRS, Treasury issue Proposed Regulations updating Income Tax Withholding Rules
U.S. Internal Revenue Service and the Department of the Treasury issue Proposed Regulations updating Income Tax Withholding Rules| site |
(February 11, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service today issued proposed regulations updating the federal income tax withholding rules to reflect changes made by the Tax Cuts and Jobs Act (TCJA) and other legislation.
In general, the proposed regulations, available now in the Federal Register, are designed to accommodate the redesigned Form W-4, Employee's Withholding Certificate, to be used starting in 2020, and the related tables and computational procedures in Publication 15-T, Federal Income Tax Withholding Methods. The proposed regulations and related guidance do not require employees to furnish a new Form W-4 solely because of the redesign of the Form... -
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IRS and Treasury issue Guidance for Students with Discharged Student Loans and their Creditors
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Staff Reporter 1
- Published: 01-16-2020, 10:19 AM
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in Tax NewsIRS and Treasury issue Guidance for Students with Discharged Student Loans and their Creditors
IRS and Treasury issue Guidance for Students with Discharged Student Loans and their Creditors| site |
(January 15, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service and Department of the Treasury issued Revenue Procedure 2020-11 that establishes a safe harbor extending relief to additional taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school.
Relief is also extended to any creditor that would otherwise be required to file information returns and furnish payee statements for the discharge of any indebtedness within the scope of this revenue procedure.
The Treasury Department and the IRS have determined that it is appropriate to extend the relief provided in Rev. Proc. 2015-57, Rev. Proc. 2017-24 and Rev. Proc. 2018-39 to taxpayers who took out federal and private student... -
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Federal Regulators Issue Joint Statement on the Use of Alternative Data in Credit Underwriting
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Staff Reporter 1
- Published: 12-05-2019, 02:56 AM
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in FinanceFederal Regulators Issue Joint Statement on the Use of Alternative Data in Credit Underwriting
Federal Regulators Issue Joint Statement on the Use of Alternative Data in Credit Underwriting | site |
Board of Governors of the Federal Reserve System
Consumer Financial Protection Bureau
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
National Credit Union Administration
(December 3, 2019) - - Today, the Board of Governors of the Federal Reserve System published the following information: Five Federal financial regulatory agencies today issued a joint statement on the use of alternative data in underwriting by banks, credit unions, and non-bank financial firms. The statement from the Federal Reserve Board (Federal Reserve), the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the National Credit Union Administration (NCUA) notes the benefits that... -
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U.S. Department of Justice and Department of Homeland Security Issue New Asylum Rule
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Staff Reporter 1
- Published: 11-10-2018, 03:46 AM
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in NewsU.S. Department of Justice and Department of Homeland Security Issue New Asylum Rule
U.S. Department of Justice and Department of Homeland Security Issue New Asylum Rule
Applies President’s authority to suspend entry to asylum
(November 8, 2018) - - Acting Attorney General Matthew Whitaker and Department of Homeland Security Secretary Kirstjen Nielsen today announced an Interim Final Rule declaring that those aliens who contravene a presidential suspension or limitation on entry into the United States through the southern border with Mexico issued under section 212(f) or 215(a)(1) of the Immigration and Nationality Act (INA) will be rendered ineligible for asylum. The Acting Attorney General and the Secretary issued the following joint statement: “Consistent with our immigration laws, the President has the broad authority to suspend or restrict the entry of aliens into the United States if he determines it to be in the national interest to do so. Today's rule ... -
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Agencies Issue Statement Reaffirming the Role of Supervisory Guidance
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Staff Reporter 1
- Published: 09-14-2018, 10:29 AM
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in NewsAgencies Issue Statement Reaffirming the Role of Supervisory Guidance
Agencies Issue Statement Reaffirming the Role of Supervisory Guidance
Joint Release:
Board of Governors of the Federal Reserve System
Bureau of Consumer Financial Protection
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Washington, DC - - (September 11, 2018) - - Five federal agencies today issued a joint statement explaining the role of supervisory guidance for regulated institutions. The statement from the agencies—the Federal Reserve Board, the Bureau of Consumer Financial Protection, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency—confirms that supervisory guidance does not have the force and effect of law, and the agencies do not take enforcement actions based on supervis... -
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Federal Banking Agencies Issue Final Rule to Exempt Commercial Real Estate Transactions of 500,000 Dollars or Less from Appraisal Requirements
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Created by:
Staff Reporter 1
- Published: 04-08-2018, 05:38 AM
- 0 comments
in ArticlesFederal Banking Agencies Issue Final Rule to Exempt Commercial Real Estate Transactions of 500,000 Dollars or Less from Appraisal Requirements
Federal Banking Agencies Issue Final Rule to Exempt Commercial Real Estate Transactions of $500,000 or Less from Appraisal Requirements
Washington, DC - - (April 2, 2018) - - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a final rule that increases the threshold for commercial real estate transactions requiring an appraisal from $250,000 to $500,000. The agencies originally proposed to raise the threshold, which has been in place since 1994, to $400,000, but determined that a $500,000 threshold will materially reduce regulatory burden and the number of transactions that require an appraisal. The agencies also determined that the increased threshold will not pose a threat to the safety and soundness of financial institutions. The final rule allows a financial institution to use an e... -
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U.S. Department of the Treasury says SBA and Treasury Announce PPP Re-Opening; Issue New Guidance | site |
(Information contained in U.S. Department of the Treasury press release: January 8, 2021)
Washington - - The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11 and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.
This round of the PPP...-
Channel: Finance
01-08-2021, 11:56 PM -
-
Agencies issue Statement on LIBOR Transition| site |
(Information contained in Board of Governors of the Federal Reserve System press release: November 30, 2020)
Agencies issue Statement on LIBOR Transition
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
WASHINGTON—The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency today issued a statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly—and safe and sound— LIBOR transition.
Statement on LIBOR Transition (PDF)...-
Channel: Finance
12-01-2020, 11:28 AM -
-
The Treasury Department and IRS issue Final Regulations regarding Like-kind Exchanges of Real Property | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: November 23, 2020)
WASHINGTON – Today the Treasury Department and Internal Revenue Service issued final regulations relating to section 1031 like-kind exchanges. These final regulations address the definition of real property under section 1031 and also provide a rule addressing the receipt of personal property that is incidental to real property received in a like-kind exchange. The 2017 Tax Cuts and Jobs Act (TCJA) limited like-kind exchange treatment to exchanges of real property. As of January 1, 2018, exchanges of personal or intangible property such as vehicles, artwork, collectibles, patents, and other intellectual property generally do not qualify for nonrecognition of gain as like-kind exchanges. Also, like-kind exchange treatment applies only to exchange...-
Channel: Tax News
11-24-2020, 07:55 PM -
-
Treasury and IRS Issue Guidance Clarifying the Deductibility of Expenses Where a Business Received a PPP Loan | site |
(Information contained in U.S. Department of the Treasury press release: November 18, 2020) WASHINGTON – The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance today clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. This results in neither a tax benefit nor tax harm since the taxpayer has not paid anything out of pocket. If a business reasonably believes that a PPP loan will be forgiven in the future, expenses related to the loan are not deductible, whether the business has filed for forgiveness or not. Therefore, we encourage businesses to file for forgiveness as soon as possible. In the case where a PPP loan was expe...-
Channel: Finance
11-20-2020, 05:26 AM -
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Agencies issue Final Rule to Strengthen Resilience of Large Banks| site |
(October 20, 2020) - - Today, October 20, 2020, the Board of Governors of the Federal Reserve System published the following information:
Agencies issue final rule to strengthen resilience of large banks
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency The federal bank regulatory agencies on Tuesday finalized a rule strengthening the resilience of large banks by requiring them to maintain a minimum level of stable funding over a one-year period. The net stable funding ratio, or NSFR, final rule will require large banks to maintain a minimum level of stable funding, relative to each institution's assets, derivatives, and commitments. As a result, the NSFR rule will support the ability of banks to lend to households and businesses in both normal and adverse ec...-
Channel: Finance
10-22-2020, 02:32 AM -
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