K·Coe Insights: Posts from category

Community Banks

TEFRA Revisited: Be Careful to Consider Tax Implications

By Sandy Sporleder | February 25, 2021
Reading Time: < 1 minutes As 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 …

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Uptick in Community Bank Fraud Requires High Alert Right Now

By Heather Campbell | February 25, 2021
Reading Time: 2 minutes Statistics 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 …

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estate-tax-planning

Estate Tax Planning: Possible Changes Ahead

By Jim Rein | February 16, 2021
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Reading Time: 2 minutes No matter what the presidential outcome, there was never any question that the outlook for estate tax planning would be different in 2021.  How much different was dependent upon who controlled the presidency and the Congress.  With Democrats now in power on both of those fronts, the logical question now …

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Banks May Now be Eligible for ERTC Under New Guidance

By Sandy Sporleder | January 18, 2021
Reading Time: 3 minutes We’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 …

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Understanding a Bank’s Regulatory Compliance with Payment Apps

By Kerry Hatzenbuehler | January 18, 2021
Reading Time: 2 minutes As 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.  …

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

By Sandy Sporleder | January 18, 2021
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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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Meal and Entertainment Deductions

Business Tax Update: Many Meal and Entertainment Deductions Have Increased

By Sandy Sporleder | January 10, 2021
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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 Meal Deductions In an effort to stimulate …

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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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