Pinion Insights: Posts from category

Financial Institutions

Newly Proposed 2023 Tax Deductions: Money in your Pocket… If Passed

By Pinion Editorial | January 18, 2024
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Reading Time: 3 minutes
Congress has drafted new tax legislation that is shaping up well amongst both the House and Senate Committee leaders.  The $78 billion tax agreement, introduced as The Tax Relief for American Families and Workers Act of 2024, includes pending rule changes that result in business owners seeing an increase in …

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How the Ag Economy is Affecting Financial Institutions in 2024

By Pinion Editorial | December 21, 2023
Reading Time: 2 minutes
2023 has been a tough year for the agricultural industry. Droughts, rising input costs, price volatility, and many other factors have put a strain on the industry this year. As an agricultural lender, you may be wondering what this means for you and how you should handle the turbulence. You’re …

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How to Safeguard Your Institution Through Internal Controls

By Heather Campbell | October 17, 2023
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Reading Time: 2 minutes
The primary purpose of internal controls is to safeguard an organization and further its objectives. Internal controls function to minimize risks and protect assets, ensure accuracy of records, promote operational efficiency, and encourage adherence to policies, rules, regulations, and laws. All institutions large or small, private, or public, should have some …

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CECL Adoption: What Financial Institutions Should Know

By Kati Barnhill | October 16, 2023
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Reading Time: 2 minutes
Now that banks are completing their third call report for the 2023 calendar year, we want to share some valuable insights and lessons learned as adoption of ASU 2016-13 (Current & Expected Credit Losses/CECL), is well underway. We have had the privilege of addressing numerous questions from clients now that …

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FinCEN Reporting Deadline Alert: What Every Business Needs to Know

By Pinion Editorial | October 3, 2023
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Reading Time: 2 minutes
Beginning January 1, 2024, the Corporate Transparency Act requires all U.S.-based entities to report to the Financial Crimes Enforcement Network (FinCEN) detailed information about the entity and its key stakeholders – called “beneficial owners.” Any business with any legal entity (including single-member LLCs with minimal activity) will be impacted.  Small …

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Kansas state capitol building.

Kansas Senate Bill 15 Overview

By Pinion Editorial | August 17, 2023
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Reading Time: 2 minutes
The Kansas Senate Bill 15 creates a new deduction for tax returns beginning in 2023. Specifically, the bill allows financial institutions to take privilege tax deductions on loans they’ve issued for agricultural real estate and single-family residences – providing a permanent tax savings for lending to ag clients and rural …

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