K·Coe Insights: Posts authored by

Sandy Sporleder

Business Tax Update: New 1099 Nonemployee Compensation Tax Form for 2020 Tax Year

By Sandy Sporleder | January 18, 2021

Reading Time: 3 minutes After a 38-year absence, Form 1099-NEC has made its return in the 2020 tax year, and its January 31 deadlines are right around the corner.  Don’t panic – here’s everything you need to know about the revived form, and how it is intended to be used. For the last few …

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Business Tax Update: Many Meal and Entertainment Deductions Have Increased

By Sandy Sporleder | January 10, 2021

Reading Time: 2 minutes In an effort to provide additional stimulus funding, The Consolidated Appropriations Act was signed by the President on December 27, 2020.  Included in the guidance were changes to deductions for business meals in tax years 2021 and 2022. New Provisions include Higher Temporary Deductions In an effort to stimulate the …

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

By Sandy Sporleder | December 4, 2020

Reading Time: 3 minutes As 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 …

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Notice of January 2021 Regulatory Capital Rule Change: Eligible Retained Income

By Sandy Sporleder | December 2, 2020

Reading Time: < 1 minute One of the many regulatory rule changes that was enacted in 2020 deals with the calculation of eligible retained income (i.e. the calculation performed to determine the maximum limit of eligible distributions). The new rule is effective for banks beginning on January 1, 2021. This final rule applies to all …

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Has your Bank Created a Pandemic Timeline to Ascertain and Manage Risks?

By Sandy Sporleder | November 30, 2020

Reading Time: 2 minutes By Kerry Hatzenbuehler & Melissa DeDonder Although the Fall 2020 OCC Semiannual Risk Perspective has been published, the Spring 2020 issue relayed important information for banks to consider related to this crazy year.  Many of you have documented and are continuing to document how the bank responded to the pandemic.  …

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