Tag Archive: "state tax"
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Missouri’s Tax Reforms Impact Banks for 2020
As we have written about previously, Missouri passed significant tax legislation in 2018 that will impact both businesses and individuals in coming years. Community banks will want to carefully consider how these new provisions will impact their institutions. Rate Reductions For years beginning on or after January 1, 2020, the corporate income tax rate is […]
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Illinois Bank Holding Companies Should Review Their Franchise Tax Filings
We have heard from several banks around the state that Illinois has stepped up their reviews of holding company franchise tax filings in effort to collect underpaid franchise tax.
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The State Taxing Authorities May Be Coming to Find You
In 2018, the U.S. Supreme Court issued its decision in South Dakota v. Wayfair. This was a lawsuit against an online retailer about the collection of sales tax on internet orders, but the implications of the case go far beyond sales tax and may quickly start impacting the income tax filings of community banks.