More about Amanda Garnett
Blog Posts by Amanda Garnett:
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Amendment to Military Lending Act May Present New Opportunities
On February 28th, the Department of Defense (“DoD”) made an additional amendment to its interpretive rule for the Military Lending Act (the “MLA”). The MLA’s provisions have been challenging institutions since they originally went into effect in 2016 and have left many institutions struggling to make sense of the DoD’s guidance but the recent change presents new opportunities.
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HUD Provides 30-Day Extension for All Financial Statement Submissions
On March 13, 2020, the United States Department of Housing and Urban Development (HUD) issued approval for a 30-day extension for all financial statements having a due date of March 31, 2020 due to the business disruptions caused by the COVID-19 virus.
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Same Loans, Different Cycle: A Look at Agricultural Lending
As seen in 2019, challenges in the farm economy go deeper than farm income. Balance sheets indicate unfavorable trends such as higher debt and lower working capital. As such, the regulators have reiterated the importance of strong underwriting and credit administration practices for banks and other financial institutions lending to farmers and other agriculture interests.
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S Corporations Should Monitor and Track Shareholder Deaths
As shareholder groups continue to age, we are seeing more S Corporation banks encountering difficult to navigate issues involving shareholder deaths. S Corporations should remain vigilant to ensure that they don’t put their S Election at risk or cause headaches for the bank or its shareholders. Estates as Shareholders An estate is an eligible S […]
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IRS to Crack Down Further on Microcaptive Insurance Arrangements
Last month, the IRS announced plans to initiate thousands of additional examinations of businesses engaging in microcaptive insurance arrangements. This announcement came after three successful Tax Court cases against companies deemed to have engaged in abusive tax shelters. Businesses paying premiums to microcaptive insurance companies should carefully consider their risks in this quickly evolving area.
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Common Threads from 2019 Tax Planning Meetings
Throughout October and November, our tax leaders have been meeting with bankers across the country to discuss tax planning for 2019 and beyond. There have been a number of common threads emerging from these discussions regardless of bank size or geography.
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Missouri’s Tax Reforms Impact Banks for 2020
As we have written about previously, Missouri passed significant tax legislation in 2018 that will impact both businesses and individuals in coming years. Community banks will want to carefully consider how these new provisions will impact their institutions. Rate Reductions For years beginning on or after January 1, 2020, the corporate income tax rate is […]
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Illinois Bank Holding Companies Should Review Their Franchise Tax Filings
We have heard from several banks around the state that Illinois has stepped up their reviews of holding company franchise tax filings in effort to collect underpaid franchise tax.
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IRS Will Begin Sending Notices to S Corp Shareholders Who Don’t Report Basis
S Corp shareholders are now required to attach basis schedules to their personal tax returns annually. We received word this week that the IRS will begin sending notices to shareholder who don’t comply with the new requirement.
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The State Taxing Authorities May Be Coming to Find You
In 2018, the U.S. Supreme Court issued its decision in South Dakota v. Wayfair. This was a lawsuit against an online retailer about the collection of sales tax on internet orders, but the implications of the case go far beyond sales tax and may quickly start impacting the income tax filings of community banks.