BRIEFLY: House gives OK (again) to SAFE Banking Act; CECL session on technical issues set for May 20; Help in paying Medicare tax for employers offered
(April 23, 2021) The House passed NASCUS-backed legislation this week (again) aimed at providing a safe harbor for financial institutions seeking to serve legitimate cannabis-related businesses in states where the activity is legal. The Secure and Fair Enforcement Banking Act (SAFE Banking Act) of 2021 (H.R. 1996), adopted on a 321-101 vote, is similar to legislation that made its way through the House in the last Congress, but ultimately did not come up for a vote in the Senate. Senate Majority Leader Chuck Schumer (D-N.Y.) has indicated the Senate would consider the bill as part of broader legislation addressing marijuana use … Implementation of the new current expected credit losses (CECL) accounting standard – particularly technical issues related to purchased financial assets with credit deterioration (PCDs) and troubled debt restructurings (TDRs)– will be the subject of a three-hour virtual event scheduled for May 20, the Financial Accounting Standards Board (FASB) said this week. The virtual roundtable on CECL will be webcast live from 9 a.m. to noon ET. FASB said the roundtable – which it also termed a “listening session” – is aimed at helping FASB members and staff gather additional feedback on implementation for the CECL standard … Businesses and tax-exempt organizations with less than 500 employees — including credit unions — can receive a tax credit toward Medicare taxes they pay for providing paid time off for each employee receiving an anti-COVID-19 vaccination and for any time needed to recover from the injection, the Treasury and the IRS said this week. The announcement came after comments earlier in the day by President Joe Biden (D) outlining the program in a televised address. The Treasury and tax agency said that, as an example of use of the program, if an eligible employer offers employees a paid day off to be vaccinated the employer can receive a tax credit equal to the wages paid to its workers for that day (up to certain limits).
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FASB to Host Virtual Credit Losses Roundtable on May 20, 2021