More about Amanda Garnett
Blog Posts by Amanda Garnett:
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Regulatory Capital Changes Impact March Call Reports
New call report change freezes certain risk weightings and transition adjustments at 2017 levels that were otherwise scheduled to increase this year. Some institutions, particularly those with large mortgage servicing portfolios, may find welcome relief from this new provision.
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Call Report Change: Equity Investments
ASU 2016-01 changes how banks will account for equity investments. The March 2018 call report forms and instructions include various changes related to the implementation of this new standard.
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Treatment of Charitable Contributions Post-Tax Reform May Impact S Corp Distributions
Fewer shareholders will be able to deduct their charitable contributions starting in 2018 so S Corporation’s may want to re-evaluate their tax distributions.
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S Corporations: The Widely-Held Shareholder Problem
As the shareholder base for many S corporations around the country continues to balloon, institutions should consider whether remaining an S Corporation still makes sense particularly in light of tax reform.
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Saying Goodbye to the Corporate AMT
The corporate alternative minimum tax (AMT) has been eliminated under tax reform giving financial institutions more freedom to manage their investments.
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State and Local Tax Deduction Impacts S Corporations
S Corporation shareholders may not be able to fully deduct their state and local income tax paid on corporate earnings under tax reform.
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S Corporations Should Reconsider Tax Distributions Policies for 2018
In light of tax reform and the new Section 199A deduction, S Corporations should carefully consider their 2018 tax distributions.
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Are Home Equity Loans Deductible Again? Maybe
The IRS has issued a news release Wednesday clarifying that home equity loans are deductible under tax reform if the funds are used for certain purposes.
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Last Minute Tax Deductions for 2017: Cost Segregation
Cost segregation studies are a unique tax planning opportunity that financial institutions can still consider for the 2017 tax year.
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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.