Author: Maggie Jenkins

10

June

Blog Image

Bank Wire

How S corporation banks can qualify for the pass-through deduction The Tax Cuts and Jobs Act created a new “pass-through” deduction (found in Internal Revenue Code Section 199A), which allows owners of S corporations and other pass-through entities to deduct up to 20% of their “qualified business income.” But Sec. 199A is subject to several … Continued

Read More

10

June

Blog Image

Opportunity Zones: Can your bank benefit?

The Opportunity Zone program, created by the Tax Cuts and Jobs Act of 2017, provides investors with a powerful tax incentive to make long-term investments in state-designated economically distressed communities. The U.S. Treasury Department has certified approximately 9,000 Qualified Opportunity Zones (QOZs) in urban and rural areas across the country. Investors with capital gains can … Continued

Read More

10

June

Blog Image

The Big Picture

Fight money laundering with visual analytics Money laundering is an insidious and ever-present issue for community banks. Rapidly advancing technology enables criminals to invent new ways of gaming the system. But that same technological progress, in the form of data visualization software, can give your community bank an edge in detecting and preventing money laundering … Continued

Read More

29

May

Blog Image

Buy vs. Lease: Business Equipment Edition

Life presents us with many choices: paper or plastic, chocolate or vanilla, regular or decaf. For businesses, a common conundrum is buy or lease. You’ve probably faced this decision when considering office space or a location for your company’s production facilities. But the buy vs. lease quandary also comes into play with equipment. Pride of … Continued

Read More

08

May

Blog Image

National Small Business Week

As part of National Small Business Week (May 5-11), the IRS issued a reminder about a change in backup withholding. Under the Tax Cuts and Jobs Act, the backup withholding tax rate dropped from 28% to 24%. Backup withholding applies in various situations, including when a taxpayer fails to supply a correct taxpayer identification number (TIN) … Continued

Read More