Year end tax update for community banks

The bonus depreciation amounts will decrease to 40 percent in 2018 and 30 percent in 2019 and are then scheduled to expire. * A permanent reduction of the S Corporation builtin gains tax recognition period to five years. * Extension of the Work Opportunity Tax Credit (WOTC), which provides businesse...

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Bibliographic Details
Published inNorthwestern Financial Review Vol. 201; no. 13; p. 20
Main Author Garnett, Amanda C
Format Trade Publication Article
LanguageEnglish
Published Minneapolis NFR Communications Inc 01.12.2016
Subjects
C corporations
Community banks
Estate planning
Families & family life
Gift taxes
Stockholders
Tax deductions
Tax increases
United States > US
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Summary:The bonus depreciation amounts will decrease to 40 percent in 2018 and 30 percent in 2019 and are then scheduled to expire. * A permanent reduction of the S Corporation builtin gains tax recognition period to five years. * Extension of the Work Opportunity Tax Credit (WOTC), which provides businesses with credits ranging from $2,400 to $9,600 per employee for hiring certain classes of individuals including the long-term unemployed, food stamp recipients, individuals living in empowerment zones, and unemployed or disabled veterans.