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 ).

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.