As U.S. banks were tallying up the billions of dollars in extra profits they’ll reap from the sweeping tax cuts signed into law by President Donald Trump, they were quietly delivering unwelcome news to local governments: The interest rates on their loans were about to go up.
The Financial Accounting Standards Board released an accounting standards update Wednesday to help companies deal with the stranded income tax effects in accumulated other comprehensive income stemming from the Tax Cuts and Jobs Act.
The Treasury Department has proposed to repeal nearly 300 tax regulations, many of which have become obsolete with the passage of the new tax law and earlier legislation, in some cases dating back to 1942.
American Institute of CPAs president and CEO Barry Melancon discussed how the AICPA pushed for changes in the new tax law, with mixed success, during a speech at an Accountants Club of America meeting in New York on Wednesday.
The Financial Accounting Standards Board is moving forward with a proposed accounting standards update to reclassify the stranded tax effects from the Tax Cuts and Jobs Act of 2017, although at least one investor group has some concerns.