Banking

Just when banks may have thought they have met all of their fiscal and regulatory obligations for the New Year (including the hotly debated IRS 871(m) requirements governing financial derivatives), yet a new one arises.

Small business loan approvals are up, and the partnership is meant to help this trend continue.

Financial institutions are getting ready for the Financial Accounting Standards Board’s new credit loss standard, though some are dragging their heels, even as the effective date approaches.

Thanks to the rise of digital marketplaces, crowdsourcing and a global network of startups, today, there are various ways to finance a business, regardless of what stage of development it is in.

A provision in the new tax law, intended to prevent American companies from shifting profits abroad to benefit from a lower overseas rate, might also hit the largest foreign banks with significant U.S. operations.

With tax reform close to the finish line, bankers are still clear winners from the compromise worked out between House and Senate negotiators. But the bill includes some caveats that might give institutions pause.

Now that Republicans in Congress have released their final tax bill, two big questions remain. What will companies do with all that cash, and who will benefit the most?

Some brokerage firms are concerned that the tax overhaul could lead to upheaval, pushing their employees to set up their own shops or switch firms to lower their tax bills.

U.S. commercial real estate is a likely winner in the evolving Republican tax overhaul, which is poised to lower rates for property owners, spur new investment and increase demand for rental housing, according to a new report.

A former Swiss banker was acquitted of helping U.S. clients dodge taxes, dealing prosecutors a dramatic loss in their efforts to hold individuals responsible after the government successfully targeted financial institutions.

Intuit has introduced QuickBooks Capital, a funding solution for small businesses.

The maker of tax-preparation and accounting software will start providing loans to small businesses.

The Internal Revenue Service has suspended its $7.25 million contract with Equifax after the company admitted to finding a malware link on its website on the heels of a data breach that exposed the personal information of approximately 146 million people in the U.S.

The Mastercards can be whitelabeled so firms can offer the product to their clients.

The Internal Revenue Service will be bringing back its IRS Data Retrieval Tool on October 1 for people applying for federal student aid.

The American Institute of CPAs said Monday that it supports a new policy from the National Credit Union Administration on how audit reports on credit unions should be submitted.

Sen. Chuck Grassley, R-Iowa, and a group of 14 other senators from both parties are asking the Internal Revenue Service and the Treasury Department to clarify their rules to enable more lenders to refinance student loans.

Senators ask the Public Company Accounting Oversight Board about auditing rules in the wake of a high-profile scandal involving the opening of millions of customer accounts.

Ask your business clients how they know whether their business is successful, and many of them are likely to answer, “I check my bank balance.”

Security concerns could keep the data tool down for weeks.