Financial Institutions

Reading Time: < 1 minuteAs we’re preparing tax returns, we’ve noticed a lot more activity in non-bank-qualified bonds.  As you’re pricing these bonds, you’ll want to take into consideration the tax implications.  The projected yield may not be what you think it is. Over the years, there has been lots of discussion regarding the …

Read moreTEFRA Revisited: Be Careful to Consider Tax Implications

Reading Time: 2 minutesStatistics indicate that fraud has accelerated for community banks recently, and the uncertainty surrounding the impacts of the pandemic and election results seem to be the cause.  People are feeling anxious and many are desperate to make ends meet. Banks should be on high alert for both internal fraud with …

Read moreUptick in Community Bank Fraud Requires High Alert Right Now

Reading Time: 3 minutesWe’ve previously discussed the Employee Retention Tax Credit (ERTC) and how it impacts essential businesses with partial shut downs in previous issues of our GoodSense newsletter, linked below as related reads, but there have been some notable changes to the ERTC that could impact both you as a bank, and …

Read moreBanks May Now be Eligible for ERTC Under New Guidance

Reading Time: 2 minutesAs a more frequent Venmo user lately – making garage sale payments in exchange for goods and collecting basketball fees from parents on behalf of my child’s team – I was struck by a recent article, “Dealing with App Disputes,” published in the Electronic Payments Core of Knowledge (EPCOR) newsletter.  …

Read moreUnderstanding a Bank’s Regulatory Compliance with Payment Apps

Reading Time: 3 minutesAs we’re looking at year-end reporting requirements, it’s important not to forget about 1099-A, Acquisition or Abandonment of Secured Property, and form 1099-C, Cancellation of Debt.    We have guidance that tells us forgiveness of Paycheck Protection Program (PPP) loans do not require either of these filings, but what about other …

Read moreForms 1099-A and 1099-C: Which Form to File for Loan Transactions