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

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

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Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.