Academic journal article ABA Banking Journal

Free Tax Guide Available

Academic journal article ABA Banking Journal

Free Tax Guide Available

Article excerpt

ABA is offering its community bank members a free guide to help them assess the opportunities behind recently enacted tax laws, minimize audit exposure and improve their bottom tines.

"Tax Strategies for Community Bankers" is a 30-page booklet that briefly describes selected tax-related product and program opportunities bankers may wish to pursue and offers practical implementation tips. It was developed with guidance from the ABA Community Bankers Council Tax Advisory Group, a subset of the council that meets to review tax-related issues affecting community banks.

Organized into three sections, the booklet covers tax-advantaged products banks can offer customers; tax-advantaged programs available to banks (such as the new-markets tax credit and pooled trust preferred securities); and tax planning guidance to help banks manage taxes in IRS-friendly ways.

"Navigating the tax code is not something the typical community banker feels qualified to do," said Pat Redmond, chair of the tax advisory group and president and CEO of $275 million-assets Viking Community Bank in Seattle. "This booklet is meant to be a helpful aide in boosting a bank's bottom line."

The booklet, which offers information and advocacy on community bank tax policy issues, was written principally by Mark Baran, director of ABA's Center for Community Bank Tax. Also contributing were Ron Blasi, professor, Georgia State University College of Law, and Robert Strand, ABA senior economist.

"Believe it or not, bankers fill the room whenever our council has offered a special discussion on tax solutions--the issues are that essential and that complicated," said Nicki Brown, chair of ABKs Community Bankers Council and president and CEO of The Wilton Bank, a single-branch $100 million-assets bank in Wilton, Conn. …

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