This is a follow-up to the previous article (here) describing the “Thrive Maine” loan program, the funding of which was set in motion by the American Rescue Plan Act passed a year and a half ago. The Finance Authority of Maine (FAME) is administering a program under which a total
As institutions’ hopes of another deferral by the Financial Accounting Standards Board (FASB) wane, a stark reality is setting in: CECL adoption is right around the corner. While change can no doubt be unsettling, it is those institutions that have made use of the significant runway afforded them by the
In today’s economy, most enterprises have one or more third-party vendors who handle some parts of the business.
As a result of volatility in the cryptocurrency market, some cryptocurrency companies have suspended withdrawals or halted operations. Further, in select cases, these cryptocurrency companies have made misrepresentations to their customers that their products are eligible for FDIC deposit insurance coverage. This has led the Federal Deposit Insurance Corporation (FDIC)
The Inflation Reduction Act of 2022 (the “Act”), signed by President Biden this week, includes a range of new tax rules touching many different areas. The purpose of this article is to focus on the new “green” energy provisions of this legislation, which are intended to combat climate change and
In August, Congress passed the Inflation Reduction Act of 2022 (the “Act”), sending it to President Biden, who signed it into law. There are several tax-related provisions in the Act, and the purpose of this article is to provide a brief overview and commentary covering a number of them. The
On July 8, 2022, the IRS published Revenue Procedure 2022-32, which allows more taxpayers to file for portability using a simplified method. This new Rev. Proc. supersedes Revenue Procedure 2017-34, and expands relief for the executors of certain estates who might have missed the original filing deadline for the decedent’s