Financial Services General
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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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S Corp Versus C Corp: To Stay or Not to Stay, That Is the Question!
We are engaged in various discussions with our bank clients related to the tax reform and whether it makes sense to remain an S corporation.
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Justice Department Rescinds Marijuana Guidance
On January 4th the Department of Justice issued a memo rescinding five previously issued guidance documents on federal marijuana enforcement policy, including the Cole memo.
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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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FinCEN Exchange Program Launched
On December 4th the Financial Crimes Enforcement Network (FinCEN) launched a new program to improve information sharing with financial institutions.
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Obscure Mortgage Servicing Provision Doesn’t Make the Senate’s Tax Reform Bill
The bill, which passed by a vote of 51-49, included an amendment to exempt mortgage servicers from the upfront tax implications.