Banking

Legislators have introduced few new tax developments specific to the banking industry in the past year. Banks end 2015 contending with a handful of ongoing legislative issues that impact critical decisions. Of those, the timing and extension of the tax extenders package is perhaps the most pressing. A failure or delay by Congress to pass this legislation means uncertainty for community banks as well as for the businesses and families they serve.

On January 1, 2015, community banks will begin the transition to new Basel III rules. These new capital requirements coming from the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency promise to complicate the way that U.S. banks calculate deferred tax assets (DTAs) and deferred tax liabilities (DTLs).