More about Amanda Garnett
Blog Posts by Amanda Garnett:
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Deductions for Entertainment Expenses Eliminated Under Tax Reform
The business purpose and documentation requirements around entertainment expenses have long been a hot button for IRS examiners during audits. The new tax reform law signed by the President in December closes this issue.
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Tax Reform May Impact the Deduction of Business Interest for Some Customers
While the Republicans were crafting the tax reform proposals this fall, there was a lot of discussion and debate regarding the tax deduction for interest paid by businesses.
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New Section 199A Deduction Available to S Corporation Shareholders
The deduction seems straight forward at first glance, but will result in additional complexities for S Corporations and their shareholders.
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Tax Reform Creates Confusion Around the Home Mortgage Interest Deduction
It is up to the customer and their tax preparer to determine if the loan interest will be deductible, but it is important that financial institutions understand the basic rules so that they can properly advise their customers.
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Is Your Institution Under-Reporting Loans on Form 1098?
Based on questions we have received from some institutions, we know there can be confusion about the types of loans that must be reported.
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President Signs Tax Bill: Last Minute Considerations
Friday morning (December 22, 2017), the President signed the final version of the Republican tax reform plan. As you rush to complete your year-end procedures and get home for the holidays, there are a few last minute tax-related items you may want to consider.
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House and Senate Conference Committee Release Tax Reform Plan
On Friday afternoon, December 15, the House and Senate Conference Committee released the much anticipated tax reform plan entitled the Tax Cuts and Jobs Act.
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Tax Reform Moves One Step Closer to Finalization
As of Wednesday afternoon (December 13, 2017), information has begun to emerge regarding the tax reform bill that has been negotiated by the House and Senate conference committee.
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Deferred Tax Assets Will Need to Be Adjusted if Tax Reform Passes Before Year End
If the final tax bill is signed on or before year end, there could be a significant impact to the deferred tax assets or liabilities recorded by financial institutions as of December 31, 2017.
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Senate Passes Tax Reform Bill With Last Minute Changes
Early Saturday, December 2, 2017, the Senate passed their version of the Republican tax bill in a 51-49 vote along party lines. Though the version passed makes progress towards the goal of lower corporate tax rates, several last minute provisions may impact financial institutions and their shareholders.