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Monday, January 27, 2014

ABA Wins Change on OREO Accounting, Tangible Property

IRS guidance issued Friday will allow banks to automatically change their accounting method from capitalizing to expensing costs incurred maintaining foreclosed properties. The guidance follows ABA’s request in a March 2013 comment letter.

The changes, effective Jan. 24 and applying to 2013 returns filed after that point, affect accounting methods for OREO holding expenses. They also cover accounting methods related to tangible property regulations.

Read the guidance.

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