More about Amanda Garnett
Blog Posts by Amanda Garnett:
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IRS Eliminates Postcard Sized Form 1040 for 2019
The IRS announced this week that after just one filing season it was eliminating the new postcard sized Form 1040.
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M&A Planning: Will the Intangibles Be Tax Deductible?
One of the questions we often get asked by potential buyers is whether or not the intangibles they are recording will be tax deductible. Tax basis goodwill and other intangibles can be tax deductible over fifteen years in some cases, but it depends on how the transaction is structured.
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The Need for Buy-Side Tax Due Diligence
There are lots of areas where CLA can help from evaluating accounting issues to assessing credit quality to assisting with IT system selections, but one area that isn’t always top of mind is tax due diligence.
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Illinois Enacts Major Tax Bills Affecting Income, Estate, Franchise, and Sales Tax
During June, the Illinois legislature enacted a slew of new tax legislation including major changes to income, estate, franchise, and sales tax provisions. These changes have far reaching implications for banks, their owners, and customers. Potential Increase to Personal Tax Rates Illinois currently imposes an individual tax rate of 4.95%, under the state’s constitutional mandate […]
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More Banks Eligible to File Short Form Call Report
With the release of the final rule this month, more institutions will be eligible to file the shorter Form 051 Call Report. This version, which was previously only available to institutions up to $1 billion in total assets, will now be available to institutions up to $5 billion.
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New Capital Rule Changes Treatment of Mortgage Servicing Rights
In late May, the bank regulators finalized provisions that would simplify the calculation of regulatory capital under Basel III for certain institutions. But these changes may result in higher capital requirements for some banks that have mortgage servicing rights portfolios.
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Community Bank Leverage Ratio: Will it Become the New Standard?
The new Community Bank Leverage Ratio (CBLR) should be finalized soon. Will your bank qualify to move away from risk weighting assets? And more importantly, will you need to hold more capital?
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Congress Passes IRS Reform Bill
After several false starts, the House and Senate last week both voted to approve a bill aimed to reform the IRS. The Taxpayer First Act is expected to be signed by the President shortly. Key provisions of this bill include: · The establishment of an “Independent Office of Appeals” within the IRS to resolve tax […]
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The Problem of S Corp Shareholder Basis
S Corp shareholders are now required to attach basis schedules to their personal tax returns annually. This is proving to be a challenge for many S Corp owners.
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Bank Call Report Series: Understanding Signature Requirements
Many board members may not fully understand the responsibility they are undertaking by signing the front page of the call report each quarter.