Month: December 2024

Important Corporate Transparency Act Update

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Reading Time: 2 minutes
Reporting requirements for Beneficial Ownership Information (BOI) continue to evolve, making navigation challenging. What we know as we enter into January is the recent appeal against the injunction has led to scheduling case hearings set to begin February 7, 2025, and oral arguments set to begin March 25, 2025. While …

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Stay Ahead in 2025: Compliance Updates Every Financial Institution Should Know About

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Reading Time: 4 minutes
As financial institutions look ahead to 2025, there are several important compliance updates to be aware of which affect areas like Section 1071 of the Equal Credit Opportunity Act (ECOA), artificial intelligence, FDIC signage, and the Bank Secrecy Act (BSA).   These updates will impact how institutions collect data, use …

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Loans and Other Financial Assets Acquired with Credit Deterioration: CECL FAQ

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Reading Time: 3 minutes
With the implementation of ASC 326, commonly known as CECL, there has been a significant focus on loan portfolios within financial institutions. However, attention also needs to be directed towards the acquisition of bulk loans from other institutions or through mergers and acquisitions, which are equally impacted by the new …

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Navigating FMMO Changes: What Dairy Producers Need to Know

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Reading Time: 3 minutes
The dust is still settling from the Presidential election, but if you are a dairy farmer, you have another weighty vote to cast. The proposed changes to the Federal Milk Marketing Order (FMMO), announced on November 12, 2024, are now up for consideration. All active dairy producers who had milk …

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In Wake of Disaster, How to Minimize Taxes on Insurance Proceeds

New Retroactive Wildfire Tax Relief: Action May Be Needed

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Reading Time: 2 minutes
On December 12, 2024, President Biden signed the Federal Disaster Tax Relief Act of 2023. The law exempts from income tax qualified wildfire relief payments made to individuals. Prior to the Disaster Tax Relief Act, some payments to disaster victims – such as settlement payments from utility companies – were …

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Best Practices for Business Owners in 2025 and Beyond

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Reading Time: 2 minutes
As a business owner, you likely spend most of your days – and many of your nights – thinking about the daily operations of your business. Retaining customers, analyzing the competition, marketing services and products, tackling human resource issues…the list is endless. “It’s easy to get caught in the weeds …

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Summary of Proposed American Families Plan

Tax Strategy Checklist for Manufacturers in 2025

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Reading Time: 2 minutes
As January quickly approaches, there are some important items to check off before next year is here. Following the national election and ongoing shifts in an uncertain economy, we’re here to help you stay ahead and avoid any unexpected changes. “The days of setting 5- and 10-year goals for your …

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Is Your Business Ready for Leadership Transition?

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Reading Time: 3 minutes
Whether your leadership transition is months or years away, there are crucial steps you can take now to prepare for a successful outcome. But successful transitions don’t just happen overnight. They take planning, preparation and foresight. In this blog, Pinion advisors share common succession pitfalls and strategies to help you …

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