Banking

With changes to tax regulations on the horizon, bank leaders should be thinking about how they are managing financial strategies. It’s likely that you are. Close to 74% of U.S.-based CFOs believe President Trump's principal focus should be corporate tax reform. [1]  And it is. The White House says tax reform is a major piece of their policy agenda.

Amid the many other differences between presidential nominees Donald Trump and Hillary Clinton, the two have proposed very different tax law changes. As opposed to trying to make sense of the many subjective differences between the candidates, understanding how each candidate could impact tax policy may be the best way for businesses and individuals to compose an informed plan for the future.

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).

Are you among the multitude of banks that have faced the question “Does our tax refund belong to the bank or holding company?” Well, on Friday, June 13, Federal regulators issued final supplemental guidance on income tax allocation agreements involving holding companies and insured depository institutions. The issuance represents regulators’ efforts to eliminate confusion and bring closure to the debate around the ownership of tax refunds.