TAX SERVICES
It is with a hands on approach that our tax team tackles the
crucial issues affecting your institution.
Here is a small list of the tax services we offer:
Federal Income Tax:
- Completion of Federal Form 1120 and all related schedules
- Calculation of annual bad debt deduction
- Completion of Federal Form 3115
State Franchise Tax:
- Completion of State Form FT-1120-F1 for Financial Institutions
- Completion of State Form FT-1120 for Holding Companies
Quarterly Tax Planning
- Timely estimation of tax provisions for Call Reports or Board
reporting
- Management meetings to explore tax implications on transactions,
deferring applicable taxes and maximizing net income through
the use of tax free income
- Calculating breakeven points for alternative minimum taxes
Specific Tax Strategies:
- Maximizing bad debt deductions
- Maximizing tax exempt income
- Life insurance strategies
- Lease vs. buy decisions
Research Assistance:
- Comparison of various tax opportunities
- Information reporting and forms required
- Explanation of IRS code sections
- Explanation of various State Franchise tax code sections
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