More about Amanda Garnett
Blog Posts by Amanda Garnett:
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Are Business Meals Still Tax Deductible?
The tax reform bill has generated considerable confusion about the deductibility of business meals starting in 2018.
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Tax Reform Section 199A Guidance Delayed
IRS guidance on the 20% Section 199A deduction for S Corporations and other businesses is delayed. Additional guidance is needed to determine if all revenue will qualify and how the deduction will work in practice.
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Simplified 1040 “Postcard” May Cause Confusion for Lenders
The IRS last week released a draft of the new version of the Form 1040 tax return for individuals designed to fit on a postcard. The new form consolidates much of the detail lenders have grown accustomed to and completely reformats the first two pages of the return.
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New Bill Includes Major Changes to Bank Capital Requirements and Mortgage Lending
The Economic Growth, Regulatory Relief, and Consumer Protection Act expected to be signed by the President shortly includes numerous provisions impacting financial institutions including changes to community bank capital requirements, changes to bank call reports and examinations, and mortgage lending relief.
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Bank Call Report FAQ: What is a Construction, Development, or Other Land Loan?
The call report guidelines for coding loans are more complex than many banks realize and how loans are coded for the call report impacts the regulators’ perception of a bank’s overall risk. Part III of our blog series on call report frequently asked questions addresses the area of construction, land development, and other land loans.
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Bank Call Report FAQ: When is a Loan Owner Occupied?
The call report guidelines for coding loans are more complex than many bankers realize. Part II of our blog series on call report frequently asked questions addresses the often confusing topic of owner occupied vs. non-owner occupied commercial real estate.
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Bank Call Report FAQ: When is a Loan a Real Estate Loan?
Bank regulators expect consistent loan reporting from institution to institution based on the call report guidelines, but it isn’t always easy. So in this blog series, we are going to address some frequently asked questions related to loan coding and reporting starting with a very basic question. What makes a loan a real estate loan?
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Tax Planning Opportunity for 2018: Cash Basis for C Corporations
One of the tax planning opportunities available under the new tax law signed in December is the expansion of the cash basis of accounting for many more C Corporations starting in 2018, which can allow financial institutions to defer paying tax on their accrued interest receivable and other revenue.
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More Call Report Changes Coming in June 2018
Additional changes are coming to Form 041 and 051 of bank call reports in June 2018 including reductions in the frequency of reporting certain items, combining certain detailed line items, and modifications to reporting thresholds.
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New Proposal Would Phase in CECL over 3 Years for Regulatory Capital Purposes
A new rule proposed Tuesday would offer banks the option to phase in the initial effect of the upcoming CECL standards on regulatory capital by allowing a three year transition provision.