The Newsroom
Financial and Accounting Updates and Information from Maggart
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From the Monthly Newsletter...
Requirements for banks after reaching $500M asset threshold
Increased bank consolidation and considerable stimulus funds provided by governments in response to the COVID-19 pandemic have resulted in significant asset growth for community banks. Many banks have recently crossed or are nearing the $500MM asset threshold that subjects financial institutions to several new requirements. If your bank asset size is $500MM as of the …
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The importance of an independent loan review
The greatest level of risk to a bank’s balance sheet generally resides in its loan portfolio. An effective loan review function will help your bank manage credit risk by identifying, monitoring, and addressing credit quality issues in an accurate and timely manner. An effective credit management system should work to ensure the accuracy of internal …
Here are some things gig economy workers should know about their tax responsibilities
Many people take up gig work on a part-time or full-time basis, often through a digital platform like an app or website. Gig work, such driving a car for booked rides, selling goods online, renting out property, or providing other on-demand work, is taxable and must be reported as income on the worker’s tax return. …
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