More about Amanda Garnett
Blog Posts by Amanda Garnett:
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Bank Call Report Series: How Good is Your Documentation?
If your preparer was unexpectedly gone tomorrow, could someone else at the bank locate the call report documentation from the prior quarter, figure out where the source information came from, and work their way through the next quarter’s call report.
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Bank Call Report Series: Who is Your Back Up?
As I teach call report classes, I hear so many stories of people unexpectedly “inheriting” the call report with little or no training or guidance from the person who did it before them. There are ways banks can mitigate this risk and plan for the unexpected.
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Illinois State Senate Votes to Raise Corporate and Individual Tax Rates
The Illinois State Senate has approved a proposal to place a constitutional amendment on the 2020 ballot to replace flat income tax rates with a progressive tax model and raise corporate rates.
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Employers in Rural Communities May be Eligible for Tax Credit
The Work Opportunity Tax Credit allows employers to reduce their federal tax liability for every certified member of a targeted group that they hire including individuals living in certain designated rural areas.
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Treasury Releases Final Guidance on Section 199A Deduction
Quite to our surprise, on Friday the Treasury released final guidance regarding the Section 199A deduction. Based on our preliminary analysis of the provisions, there appears to be some good news for financial institutions, but not the wholesale qualification of all income that many bankers were hoping for.
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Employers Still Required to Submit 2018 ACA Reports
The Tax Cuts and Jobs Act reduced the penalty for not carrying health insurance coverage to $0 for individuals starting in January 2019. But, the employer mandate to provide insurance and the related ACA reporting requirements remain.
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Tax Reform Makes Some Parking Related Expenses Non-Deductible
Based on recent interim guidance released by the IRS, it is now clear that in some cases portions of maintenance and other expenses paid for parking lots a business owns may be considered non-deductible starting for amounts paid in 2018.
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Will the Government Shutdown Impact Your Tax Filings?
The current federal government shutdown could not have come at a worse time for the IRS with the start of tax season right around the corner. Reports have indicated that only 12% of IRS employees are considered to be “essential” and still working through the shutdown.
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No Clawback Planned for Higher Estate and Gift Tax Limits
Beginning in 2018, the Tax Cuts and Jobs Act increased the federal estate and gift tax lifetime limits to approximately $11.2 million per person or over $22 million for married couples. This is great news for many business owners including financial institution shareholders. These thresholds are expected to increase slightly each year with inflation before […]
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Reimbursing Moving Expenses Has Become More Expensive
With record low unemployment and more bankers retiring every day, it has become common for financial institutions to reimburse moving expenses in order to lure new employees or entice existing ones to relocate between branches. Unfortunately, the Tax Cuts and Jobs Act (“TCJA”) has made that process more expensive starting in 2018.