Welcome to our the FBLG Banking Library. Below are articles from our industry experts that highlight the expertise in each of our service areas.

Topic: Tax

Big Depreciation Changes under the New Tax Law

Under the new Tax Cuts and Jobs Act of 2017 there were significant changes to the depreciation rules. Bonus depreciation, Section 179, and auto depreciation all were significantly changed.

New Tax Law Impacts Entertainment Expenses

The Tax Cuts and Jobs Act of 2017 has changed the deductibility of entertainment expenses. Businesses may wish to change the way they classify and aggregate expenses to facilitate the preparation of future tax returns.

FASB Takes Action on Deferred Tax Issue

Adjustments to deferred taxes related to unrealized gains/losses on investment securities has revealed a burdensome flaw in current GAAP. FASB to the rescue?

Is Your Deferred Tax Asset Safe?

There is good news for community banks in the Tax Cut and Jobs Act, but potential bad news as well.

Section 179 and Bonus Depreciation Reminders for 2017

Under Section 179, banks may elect to deduct as an expense the cost of any qualified (new or used) tangible or real property placed in service during the tax year.

Is the IRS Looking at Your Social Media?

The Internal Revenue Service (IRS) is rumored to be developing software to gather social media information in conjunction with other information to form a comprehensive financial picture of each U.S. taxpayer.

Tracking Your S-Corporation Basis for Tax Purposes

If you own shares in an S-corporation you are required by Internal Revenue Service rules to track your ownership value in those shares or what is referred to as your basis in the shares.

IRS Loses Class-Action Law Suit

The federal court ruled in June 2017 that although the IRS had the authority to require tax return preparers to obtian preparer tax identification numbers (PTINs), it did not have the authority to charge a fee for issuing the PTIN. The IRS is to provide refunds for all PTIN fees.

Are S-Corporations Going to be Extinct?

As talk of tax reform intensifies during the final stretch of the tax filing season, one stream of discussion has many people asking if the S-corporation will become extinct as a tax filing entity.

Other States Want to Tax Your Income

How the rule of Nexus governs a state's ability to impose a tax on a business.