Author: Alexa Key

09

April

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Deductible Business Interest

Taxpayers can generally deduct business interest paid or accrued during the year, subject to limits. The U.S. Congress Joint Committee on Taxation has published a briefing, titled “Overview of Limitation on Deduction of Business Interest,” to clarify changes brought by the Tax Cuts and Jobs Act. The briefing discusses these topics: definition of terms; carryforward … Continued

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02

April

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Employer Identification Number (EIN) Process

The IRS is revising the Employer Identification Number (EIN) process. Anyone filing a tax return or other documents with the IRS must provide a taxpayer ID number. One way that employers, estates, and certain others do so is with an EIN. The IRS has announced that, as of 5/13/19, to obtain a nine-digit EIN, the … Continued

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01

April

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Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019

Top Republicans on the U.S. House Ways and Means Committee introduced legislation on 3/29/19 that is designed to help strengthen Americans’ long-term financial security. If it passes, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 would expand opportunities for Americans to increase their retirement savings. It would also repeal the maximum … Continued

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26

March

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Staying Ahead of the Game

Abstract: The value of real estate collateral typically is fundamental to the value of many loan portfolios. So it’s important to stay on top of real estate value fluctuations and obtain periodic appraisals according to the rules. This article points out that lenders should understand interagency guidelines, maintain program independence, use selection criteria for valuators … Continued

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13

March

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What Does the New Lease Accounting Standard Mean for Banks?

Abstract: The Financial Accounting Standards Board’s new lease accounting standard takes effect this year for public business entities — and fiscal years beginning after December 15, 2019, for other organizations. The new standard may affect banks in two ways: First, it will cause many customers’ balance sheets to swell, which may cause some customers to … Continued

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