Tax Reform
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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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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.
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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.
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Unexpected Provision in the Senate Tax Bill Impacts Institutions With Mortgage Servicing Rights
As the Republican tax proposals continue to evolve through the House and Senate, one unexpected provision in the Senate bill released November 21, 2017, has come to light that may impact community banks, mortgage companies, and other financial institutions that service loans.
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Republicans Issue Much Anticipated Tax Reform Plan
The Trump administration in coordination with the House Ways and Means Committee and Senate Committee on Finance released their much anticipated tax reform plan. Though the plan remains sparse on details, the document includes several provisions that may impact financial institutions .