January, 2018
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CFPB Issues Prepaid Accounts Amendments
On January 25th the Consumer Financial Protection Bureau (CFPB) released updates to the 2016 prepaid accounts rule.
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Impact of Tax Reform on Credit Unions
As you may have seen, the new tax bill signed by President Trump includes provisions that affect tax-exempt organizations. While I believe all of the provisions impacting tax-exempt organizations should be reviewed, there are a couple that stand out as specifically impacting credit unions.
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Deductions for Entertainment Expenses Eliminated Under Tax Reform
The business purpose and documentation requirements around entertainment expenses have long been a hot button for IRS examiners during audits. The new tax reform law signed by the President in December closes this issue.
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Tax Reform May Impact the Deduction of Business Interest for Some Customers
While the Republicans were crafting the tax reform proposals this fall, there was a lot of discussion and debate regarding the tax deduction for interest paid by businesses.
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New Section 199A Deduction Available to S Corporation Shareholders
The deduction seems straight forward at first glance, but will result in additional complexities for S Corporations and their shareholders.
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Tax Reform Creates Confusion Around the Home Mortgage Interest Deduction
It is up to the customer and their tax preparer to determine if the loan interest will be deductible, but it is important that financial institutions understand the basic rules so that they can properly advise their customers.
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CFPB to Reconsider the Payday Lending Rule
On January 16, 2018, the Consumer Financial Protection Bureau (CFPB) issued a statement on the “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (Payday Lending Rule).
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Fed’s Mortgage Servicing Penalties Exceed $1 Billion
On January 12, 2018, the Federal Reserve Board (Fed) announced new civil money penalties of $35.1 million for mortgage loan servicing violations against five banks.
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Is Your Institution Under-Reporting Loans on Form 1098?
Based on questions we have received from some institutions, we know there can be confusion about the types of loans that must be reported.
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S Corp Versus C Corp: To Stay or Not to Stay, That Is the Question!
We are engaged in various discussions with our bank clients related to the tax reform and whether it makes sense to remain an S corporation.