News
Categories:
Sales Tax Effective October 1, 2020
State and Local Sales/Use tax rate changes have changes effective October 1, 2020. You can find all the information by clicking on the link below.
Varney CAREs September Newsletter
IN THIS ISSUE:- Third Party Loan Reviews - Three areas of focus when contemplating a loan review.
- Equity Investments - How to Account? - Regulators are closely reviewing the treatment of ASU 2016-01 during examinations. Refresh yourself with the requirements and ensure you are properly documenting your position.
- Have you Updated your Pandemic Plan? - Did your Pandemic Plan get put to the test with COVID-19. Now is the time to reflect on your Plan, how you specifically handled situations and update to alleviate stress and future uncertainties.
- A New Face at Varney - Get to know Cory Lindsley
- Fixed Asset Capitalization 101 - What is your capitalization threshold, and is it being following according to your policy? As we near the end of 2020, now is the time to review your fixed asset accounts to determine if items are being capitalized according to your internal policy.
To download and read the full newsletter, click hereState and Local Sales/Use Tax Rate Changes Effective July 1, 2020
State and Local Sales/Use tax rates effective July 1, 2020. (See document below)
Varney CAREs June Newsletter
IN THIS ISSUE:- COVID-19 Lending - Basics regarding the lending process and new guidance on Paycheck Protection Program Flexibility Act
- Remote Environment - COVID-19 forced many employees to work from home. We break down some of the challenges this presented and how to ensure you're safeguarding your network.
- Regulatory Updates - Regulatory changes for ACH, and Regulation CC
- Varney Tax Corner - CARES Act provisions that could impact your financial institution.
To download and read the full newsletter, click hereCOVID-19 Impact on Financial Institutions
New information on the impact of COVID-19 on financial institutions is being released daily, and we expect this to continue for a period of time. We've compiled a summary of guidance and links to detailed information and frequently asked questions on the following topics:
- First Quarter 2020 Call Report
- Loan Modifications
- Regulatory Frequently Asked Questions
- Title IV Economic Stabilization and Assistance to
Severely Distressed Sectors of the US Economy - US Small Business Administration Loans
The goal for the Varney & Associates Financial Institution Team is now more important than ever: To take care of community banks so they can take care of their communities. Please reach out to us if you have any questions, concerns, or need assistance. We are still available as needed to support you during this time. Our work environment has changed slightly as we are working remotely; however, there has not been significant disruption in our ability to provide services to our clients.
Click here to view our guidance summary
