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Federal Tax Cuts and Jobs Act for Banks

2/8/2018 10:00 AM - 11:00 AM (CT)

Type: Live Webinar

Industry: Financial Institutions

Service: Tax

Seats Remaining: 283

Event Contact:

Name: Mary Boortz

Phone: 715-858-6677

Email: mboortz@wipfli.com


The Tax Cuts and Jobs Act (the “Tax Act”) contains significant changes affecting banks. Please join us for a free webinar discussing those changes and how they will impact your bank. The changes to be covered include:

Changes Affecting All Banks

  1. Meals and entertainment expenses – Elimination of deduction for entertainment expenses
  2. Depreciation and expensing of fixed assets – 100% write-off of many fixed asset additions
  3. Rate changes – Effect on tax-exempt investments
  4. Moving expenses – Elimination of moving expense deduction
  5. Changes in tax credits

Changes Affecting S-Corporation Banks Specifically

  1. Individual tax rate changes
  2. 20% deduction on pass-through income
  3. S versus C – Choice of entity
  4. Individual tax changes affecting shareholder reporting
  5. Effect of changes on shareholder agreements

Changes Affecting C-Corporation Banks Specifically

  1. Lower tax rates – Blended rates for fiscal year banks
  2. Net operating loss carrybacks eliminated; carryforwards limited to 80% of taxable income
  3. Repeal of Alternative Minimum Tax
  4. Dividends received deduction changes
  5. Cash basis reporting for tax
  6. Income tax accounting and reporting considerations

Tax Act Impact – Customer-Related Changes

  1. Mortgage interest
    1. Existing mortgages grandfathered
    2. Generally deductible on new loans up to $750k
    3. Limited to two qualified residences
  2. Home equity interest – No deduction for home equity interest
  3. Limitations on business interest expense deductions

 

Speakers

Jessica Mac Naughton
Jessica H. Mac Naughton, CPA
Partner
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Jason Wimmer
Jason J. Wimmer, CPA, MBT
Partner
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