News Topic: income taxes
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Fintechs create tech that lets banks offer tax prep help
Treasury clarifies beneficial tax treatment for S Corp banks
The Treasury Department and the Internal Revenue Service issued a proposal that would allow pass-through businesses like Subchapter S banks to deduct 20% of their business income as part of the new tax law President Trump signed last year. ... Read full article
Some banks may owe more in state taxes after Supreme Court ruling
The recent decision involved sales taxes, but Wells Fargo recorded a net expense of $481 million under the assumption that it will also lead to higher state income taxes. Other banks may have to follow suit. ... Read full article
Tax credit unions? Iowa bill could lead the way
Iowa lawmakers are considering a bill that would lower taxes for banks and impose a franchise tax on credit unions. The move could be a bellwether for other states looking at similar measures. ... Read full article
Merger and tax expenses ding F.N.B.'s bottom line
The Pittsburgh company reported a noisy fourth quarter that included expenses tied to its purchase of Yadkin Financial and a reduction in the value of its deferred tax assets. ... Read full article
Increased lending, tax benefit lift BankUnited's earnings
The Florida company's fourth-quarter results included double-digit loan growth and a $328 million income tax benefit associated with recently passed tax reform. ... Read full article
Discharge of Tax debt in Bankruptcy: 3 time rules to remember
To be able to discharge a tax debt, the tax needs to be older than 3 years, correct? I think this what normally people including myself normally remember about discharging taxes. Let’s see on a recent case: 4.8.11 client filed bankruptcy hoping to ... Read full article