ICBA News on IRS Reporting Mandates

There was a recent proposal to impose new IRS reporting mandates on customer bank accounts has become a major advocacy priority. To counter the plan, community bankers and their customers should weigh in directly with their members of Congress to voice their opposition—and ICBA offers resources to help.   Visit the ICBA website for...
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Selling a home: Will you owe tax on the profit?

Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in...
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Restating financial results

In the first half of 2021, there was a surge in financial restatements. The reason relates to guidance issued by the Securities and Exchange Commission, requiring special purpose acquisition companies (SPACs) to report warrants as liabilities. SPACs are shell corporations that are listed on a stock exchange with the purpose...
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Best practices for reporting business-related T&E expenses

Many companies have resumed some level of business-related travel and entertainment (T&E) activities — or they plan to do so this fall. Unfortunately, these expense categories may be susceptible to incomplete recordkeeping and even fraud. So, it’s important for companies to implement formal T&E policies to ensure reporting is detailed...
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