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On May 23, 2018, the IRS released Notice 2018-54 stating further guidance is coming to address the deductibility of state and local tax payments for federal income tax purposes. The Tax Cuts and Jobs Act (TCJA) limited the amount of state and local taxes an individual can deduct to $10,000. As a result, some state legislatures have adopted or are considering legislative proposals allowing taxpayers to make payments to specified entities in exchange for a tax credit against state and local taxes owed.  The proposed legislation will clarify the relationship between federal charitable contribution deductions and the new statutory limitation on the deduction of state and local taxes...

Tuesday, 22 May 2018

Proposed Changes to CECL Address Capital Concerns

Written by The Rehmann Team

The OCC, the Board of Governors of the Federal Reserve System and the FDIC have issued a proposal that could ease the impact of the Current Expected Credit Losses (CECL) policy on capital ratios. The proposal would permit allowances to count as Tier 2 regulatory capital, as well as introduce a three-year transitional period to phase-in the day-one impact on capital ratios. The proposal also amends stress testing regulations so financial institutions that have adopted CECL would not include its effect on their provisioning for purposes of stress testing until the 2020 stress test cycle. Why are the changes being proposed?..

Tuesday, 22 May 2018

Do New Revenue Reporting Rules Impact Public Bank Filings?

Written by The Rehmann Team

New guidance for the ways public companies recognize certain types of revenue (ASC Topic 606, Revenue from Contracts with Customers) went into effect in January. Since revenue is an important component investors review when considering investing in a public company, the new standard seeks to create consistency in the ways revenue is reported by strengthening disclosure requirements for reporting information about the nature, amount, timing, and uncertainty of revenue from contracts with customers. The FASB and the International Accounting Standards Board (IASB) guidance: Removes inconsistencies and weaknesses in existing revenue requirements Provides a more robust framework for addressing revenue issues Improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets Simplifies the preparation of financial statements by reducing the number of requirements to which an organization must refer The standard has the greatest potential impact on non-interest income, but the general consensus in the financial institutions community is that it won’t have a material impact on their income statements. Has this sentiment turned out to be true?..

Tuesday, 22 May 2018

Beneficial Ownership CDD Requirements Effective May 11, 2018

Written by The Rehmann Team

FinCEN has determined that more explicit rules with respect to Customer Due Diligence (CDD) are necessary to clarify and strengthen CDD in order to enhance financial transparency and help to safeguard the financial system against illicit use. Effective CDD helps financial institutions understand who their customers are and what types of transactions they conduct as a critical step in the fight against illicit financial activity, including money laundering, fraud, tax evasion, terrorist financing and evasion of sanctions. According to FinCEN, the key pillars of CDD that should be part of a financial institution’s BSA/AML program include: 1. Customer identification and verification2...

Tuesday, 22 May 2018

EU Regulation May Impact U.S. Financial Institutions

Written by The Rehmann Team

On May 25, 2018, the European Union’s General Data Protection Regulation (GDPR) goes into effect. It prohibits an organization conducting business within the EU or serving customers who live in the EU - regardless of where the organization is headquartered - from collecting or using personal data without the individual’s consent.  Therefore, financial institutions with global operations, even if headquartered in the U.S...

Thursday, 17 May 2018

Let's talk about tax: How the new law may impact your business

Written by Chelsie Avery, CPA, Anthony Licavoli, CPA, Michael Patterson, CPA

Download a copy of this article   In December 2017, Congress and President Trump passed the most significant overhaul of America’s tax system in decades. And while many are familiar with the major provisions included in the Tax Cuts and Jobs Act (TCJA), once you dive a bit deeper, you’ll notice there are many more nuances to consider for your business. Let’s review a few of those items: Excess business loss limitation In the past, aggerate losses generated from business activities not subject to passive or basis limitations were generally available to offset all other types of income on a taxpayer’s individual return. A new provision included in the bill limits these losses per year to $250,000 for a single taxpayer and $500,000 for couples filing a joint return...

Tuesday, 15 May 2018

Market Outlook -- May 2018

Written by Frank Germack III, CFA

Economy April provided strong economic data for the U.S. with both manufacturing survey and consumer confidence results scoring above consensus estimates. The annualized growth rate for the U...

Newer, smaller healthcare facilities often choose QuickBooks or QuickBooks Online for financial management. The solution offers the basic functionality needed to get operations started. However, as you hire more physicians, expand into new practice areas, and take on new patients, QuickBooks can’t keep up. Before the limitations of this entry-level solution stop growth in its tracks, say goodbye to QuickBooks and hello to a more agile, flexible, cloud-based financial management solution...

Monday, 14 May 2018

The college landscape after tax reform

Written by Forefield, INC.

College students and their parents dodged a major bullet with the Tax Cuts and Jobs Act of 2017. Initial drafts of the bill included the elimination of Coverdell Education Savings Accounts (ESAs), the Lifetime Learning Credit, and the student loan interest deduction, along with the taxation of tuition waivers, which are used primarily by graduate students and college employees. In the end, none of these provisions made it into the final legislation. But a few other college-related items did...

Monday, 14 May 2018

Quiz: Can you answer these Social Security benefit questions?

Written by Forefield, INC.

Most people will receive Social Security benefits at some point in their lifetimes, but how much do you know about this important source of income? Take this quiz to learn more. Questions 1. Can you receive retirement and disability benefits from Social Security at the same time?..

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