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

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

Pronoun practice to help polish your prose

Using pronouns correctly in writing and speech can help you make a good impression. Try our 10-question quiz.