The American Institute of CPAs (AICPA) is seeking relief for taxpayers that would permit them to mitigate substantial and unexpected increases to taxable income stemming from the COVID-19 pandemic.© Shutterstock Specifically, the relief would be from unexpected increases due to involuntary liquidations of last-in, first-out (LIFO) inventories caused by government actions necessitated by the pandemic. […]

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The Federal Deposit Insurance Corporation (FDIC) has issued its 2021 Risk Review, noting the banking system’s comprehensive summary of emerging risks enables policymakers and bankers to mitigate scope and impact.© Shutterstock “The U.S. economy and banking system showed remarkable resilience last year following the deepest recession in modern history,” FDIC Chairman Jelena McWilliams said. “Our […]

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Sen. Mike Crapo (R-ID) has forwarded correspondence to Internal Revenue Service (IRS) Commissioner Charles Rettig as a means of gaining clarification regarding tax gap estimates. © Shutterstock The request for clarification stems from a recent Finance Committee hearing, during which Rettig speculated the tax gap, or the difference between what taxpayers owe and what they […]

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Leadership at the National Association of Federally-Insured Credit Unions (NAFCU) has voiced concerns over the Federal Reserve’s proposal to make changes to Regulation II – which covers debit card interchange fees and network routing exclusivity. The proposal seeks to clarify that debit card issuers should enable, and allow merchants to choose from, at least two […]

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Two leading Congressional Republicans are urging U.S. Department of Labor Secretary Marty Walsh to devote more funding to detect and prevent unemployment insurance fraud. © Shutterstock Sen. Mike Crapo (R-ID), ranking member of the Senate Finance Committee, and Rep. Kevin Brady (R-TX), ranking member of the House Ways and Means Committee, also requested information on […]

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The National Venture Capital Association (NVCA) is expressing support for the Biden Administration’s full launch of the International Entrepreneur Rule (IER), noting the action would spur job creation and innovation.© Shutterstock “Immigrant entrepreneurs have made incredible contributions to the U.S. economy, including creating some of America’s most prominent companies, such as Moderna and Pfizer that […]

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The Independent Community Bankers of America (ICBA) announced Tuesday the extension of its Preferred Service Provider agreement with the financial services industry firm ProfitStars to include risk management solutions.© Shutterstock “As cyber threats and natural disasters increase, community banks need to augment their internal resources to be as prepared as possible for unforeseen events,” ICBA […]

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The Securities and Exchange Commission (SEC) approved its first security-based swap data repository (SDR) – the DTCC Data Repository, LLC (DDR).© Shutterstock This is the first SDR that can accept transaction reports. DDR intends to operate as a registered SDR for security-based swap transactions in the equity, credit, and interest rate derivatives asset classes. “Implementing […]

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U.S. Rep. Terri Sewell (D-AL) introduced legislation in the House to reduce the number of years of service required for part-time workers to make retirement contributions.© Shutterstock The bill is called the Reducing the Maximum Service Requirement for Long-term Part-time Workers to Make Elective Deferrals to 401(k) Plans Act (H.R. 2944). It was included as […]

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Department of the Treasury officials said an additional $21.6 billion has been allocated for emergency rental assistance to prevent evictions and ensure housing amid the COVID-19 pandemic.© Shutterstock The White House American Rescue Plan Implementation Team and Department of Housing and Urban Development (HUD) collaboration yielded the American Rescue Plan for Emergency Rental Assistance. The […]

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