Fortner Bayens, P.C. Banking Letter - December 2019 Edition

To File (a Suspicious Activity Report) or Not to File, That is the Question

Fred A. Lutz, CRCM, CAMS

The decision to file (or not to file a Suspicious Activity Report) is an important and onerous one. Because filing a report is, in most cases, not a one-day event. In 90 days, the institution should revisit the account or event to determine if a continuing report should be filed. 

To read more, click here.

Collateral Values for Classified Assets

Chaz M. Eiguren, MBA

Community Banks are constantly managing their growth versus the risk associated with their portfolio. One of the Risk Management areas that banks continually evaluate is the loans contained within their Classified Assets since they represent one of the most significant potential risks of loss to the bank. 

To read more, click here.

Getting Your Personal Tax Withholding Right for 2019

Mark J. Corey, CPA, JD

As 2019 rapidly comes to a close, the issue of 2019 tax return filing quickly approaches. One of the items with 2018 taxes that became a big issue for some taxpayers was their tax withholding or the amount withheld from their paychecks to pay for their federal and state tax obligations. Some taxpayers had too much withholding resulting in substantial refunds (or interest-free loans to the government- as my mentor used to say). Other taxpayers had large tax bills which they were not expecting based on the results of prior years with similar income and expenses. In addition to a large tax bill, some taxpayers were also charged with a penalty for under-withholding taxes.

To read more, click here.