December, 2017
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President Signs Tax Bill: Last Minute Considerations
Friday morning (December 22, 2017), the President signed the final version of the Republican tax reform plan. As you rush to complete your year-end procedures and get home for the holidays, there are a few last minute tax-related items you may want to consider.
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House and Senate Conference Committee Release Tax Reform Plan
On Friday afternoon, December 15, the House and Senate Conference Committee released the much anticipated tax reform plan entitled the Tax Cuts and Jobs Act.
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DOD Amends Military Lending Act Interpretive Rule
On December 13th the Department of Defense announced it was amending its interpretive rule for the Military Lending Act (MLA).
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Tax Reform Moves One Step Closer to Finalization
As of Wednesday afternoon (December 13, 2017), information has begun to emerge regarding the tax reform bill that has been negotiated by the House and Senate conference committee.
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Deferred Tax Assets Will Need to Be Adjusted if Tax Reform Passes Before Year End
If the final tax bill is signed on or before year end, there could be a significant impact to the deferred tax assets or liabilities recorded by financial institutions as of December 31, 2017.
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FinCEN Exchange Program Launched
On December 4th the Financial Crimes Enforcement Network (FinCEN) launched a new program to improve information sharing with financial institutions.
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Obscure Mortgage Servicing Provision Doesn’t Make the Senate’s Tax Reform Bill
The bill, which passed by a vote of 51-49, included an amendment to exempt mortgage servicers from the upfront tax implications.
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Senate Passes Tax Reform Bill With Last Minute Changes
Early Saturday, December 2, 2017, the Senate passed their version of the Republican tax bill in a 51-49 vote along party lines. Though the version passed makes progress towards the goal of lower corporate tax rates, several last minute provisions may impact financial institutions and their shareholders.