ABA Solution: Community Bank Tax

Many tax-related issues that challenge community banks today, demanding proven approaches, creative solutions -- and an in-depth understanding of the restraints under which community banks operate.

Now community bankers can turn to the insight and expertise of the ABA Center for Community Bank Tax (CCBT) for assistance with the wide and ever-changing range of tax issues that affect community banks. More about the Center.

Top Issues

LLC vs. Sub S
ABA Submits Comments to Treasury on Tax Reform
Congress Passes Sub S Provisions
For further analysis of these chages and their impact on Sub S shareholders, more >>
ABA's comment letter to the IRS on the issue of "nonaccrual of interest on nonperforming loans" to be considered under the Industry Issue Resolution (IIR) program. 4/1/04 (PDF)

FASB's FAS 13 Project (Accounting for Leases) - Update

ABA's comment letter on proposed FSP place
FASB's handout from roundtable on uncertain tax positions. 10/10/05

Treasury Releases HSA Forms

IRS Instructions for Forms 1099-SA and 5498-SA
(Annual IRS Forms for Trustees and Custodians to Report HSA Contributions and Distribution)
IRS Form 1099-SA (HSA Distribution Reporting Form For Trustees and Custodians)
IRS Form 5498-SA (HSA Contribution Reporting Form for Trustees and Custodians)
Final Model Health Savings Custodial Account Document
(A Model Custodian Account Agreement Approved by the IRS)
Final Model Health Savings Custodial Account Document
(A Model Trust Account Agreement Approved by the IRS)
If you're not sure about the benefits of HSAs for your institution as well as your customers, then check out these six reasons. 9/23/04

IRS Rulings

IRS Regulations

IRS Notice of Proposed Rulemaking (REG-118886-06) Clarifying Section 6411Regulations by Cross-Reference to Temporary Regulations (T.D.9355)

Tax Cases

Court Holds that Tax Accrual Work Papers Are Protected In the Textron Case

ABA Resources

Additional Resources

Department of Treasury for the latest Government information and reports
Banking regulatory information visit the FDIC or the OCC
Quick Look at Todays IRAs, Including Changes Under the New Tax Law: IRA comparison table or educational descriptions.
Grant Thornton, LLC Analysis of Jobs and Growth Tax Relief Reconciliation Act. The analysis of the tax bill covers the advantageous effect on S corporation shareholders.
An ABA chart for Public Law 108-27 provides a description of each provision, effective dates, financial benefits, and government budget estimates.
Bad Debt Conformity Made More Certain by Sheryl Vander Baan, Tax Executive, Crowe Chizek. Article discusses recent guidance from the IRS on the bad debt conformity election. 01/02

For information about the CCBT, call Fran Mordi at 1-800-BANKERS

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