Banking


BANKING

Members of the House and Senate submit bills that would make it easier for small businesses, including community banks, to incorporate under subchapter S of the Internal Revenue Code. Under it, shareholders—but not the company—pay tax on the entity’s income, unlike C corporations, which are taxed at both levels. Proponents say passage of the bills would greatly improve smaller banks’ competitiveness ( www.aba.com/Press+Room/reform072001.htm ).

Automated underwriting systems at the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) get a common data format, as the two agencies adopt extensible markup language (XML) data specifications ( www.mbaa.org/news/2001/pr0723a.html ).

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

CHECKLIST

Being responsive to clients

CPAs and their firms have daily pressures and hectic schedules, but being responsive is crucial to client satisfaction. Leaders in the profession offer advice for CPA firms that want to be responsive to clients.

QUIZ

Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.