Banking & Finance Law Report

Mark Snider

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Mark counsels clients in a number of industries regarding a range of business concerns. He helps businesses plan for and manage their tax obligations. In particular, Mark has represented investors and developers in numerous housing and tax credit transactions. His tax work also extends to advising clients as to corporate, partnership and individual tax issues at both the federal and state level. Mark has considerable experience representing taxpayers regarding state and local tax issues, including sales and use tax, income taxes, nonresident taxation, and property taxes. Further, Mark has advised landowners and lessees in the oil and gas business regarding federal income tax and state and local tax issues.  In addition, Mark works with clients to implement business transactions that allow companies to grow and adapt to changing business conditions. His work in this area includes negotiating purchases and sales of businesses as well as entity selection and formation and general business planning. Mark also counsels health care clients regarding tax structuring and transaction issues.

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Ohio Bank Tax Legislation

By Mark Snider on Categories: Ohio Law, Tax Law
On September 26, 2016, Rep. Armstutz introduced two pieces of legislation in the Ohio House that could impact the tax rate of the Ohio financial institutions tax (“FIT”) that is paid by banks and other financial institutions doing business in Ohio. These bills are H.B. 599 and H.B. 600.  These bills are alternatives.  Both would … Continue Reading

Ohio Financial Institutions Tax and National Banks

By Mark Snider on Categories: Tax Law
In September, at the request of an Ohio-based national bank, the Office of the Comptroller of the Currency issued an opinion challenging the application of the Ohio Financial Institutions Tax (FIT) to national banks with their principal office in Ohio. The opinion held that the FIT contradicted a federal statute that provides a national bank … Continue Reading

Ohio Financial Institutions Tax – Draft Regulations

By Mark Snider on Categories: Bank Regulation, Tax Law
The Ohio Department of Taxation recently released draft administrative regulations (the “Regulations”) designed to implement the new Ohio financial institutions tax. The new tax takes effect Jan. 1, 2014 and replaces the corporation franchise tax and dealers in intangible tax, which financial institutions have historically paid in Ohio. The Regulations state that the tax has … Continue Reading

Tax Treatment of OREO

By Mark Snider on Categories: Tax Law
The Internal Revenue Service has recently reversed course regarding federal income tax treatment for banks for certain costs associated with OREOs ("other real estate owned").  The newer guidance should liberalize the ability of banks to take immediate deductions with respect to certain costs associated with OREOS.  The IRS has released a Chief Counsel Memorandum stating … Continue Reading

Ohio General Assembly Approves Bank Tax Reform Legislation

By Mark Snider on Categories: Tax Law
On December 11, 2012, the Ohio General Assembly approved a measure (H.B. 510) that will reform how banks and other financial institutions are taxed by the State of Ohio. Governor John Kasich is expected to sign the bill into law today. If enacted, the changes will take effect for tax years starting in 2014. This bill expands … Continue Reading

Financial Institutions Tax Reform Stalled in Ohio Senate

By Mark Snider on Categories: Tax Law
Legislation to significantly change the way Ohio taxes financial institutions is tied up in the Ohio legislature – for the time being, anyway. Although the Ohio House of Representatives passed H.B. 510 to overhaul Ohio taxation of financial institutions in the spring, the Ohio Senate stalled work on the legislation before its summer recess.  Stated reasons … Continue Reading

Ohio Financial Institutions Tax Reform

By Mark Snider on Categories: Tax Law
The Ohio House of Representatives has passed H.B. 510 which overhauls the taxation of financial institutions by the State of Ohio. The legislation is expected to move through the Ohio Senate committee process immediately. The governor and others are touting the bill as shifting the relative tax burden from smaller banks to larger banks while lowering rates … Continue Reading

Historically Low Interest Rates Create Estate Planning Opportunities

By Mark Snider on Categories: Community Banking
For good or for bad, interest rates are currently near all-time lows, including the “applicable federal rate” (“AFR”) which is used to set minimum interest rates for certain gift and estate tax planning techniques. While bankers and financial institution executives routinely consider the implications of such low rates for their institutions, they also should carefully consider … Continue Reading

IRS Releases Additional FATCA Guidance, Although Many Questions Remain

By Mark Snider on Categories: Regulation and Compliance
In Notice 2011-34 issued April 8, 2011, the IRS provided supplemental guidance regarding foreign financial account reporting requirements under the Foreign Account Tax Compliance Act (“FATCA”). All businesses that makes payments to foreign financial institutions should be aware of these rules which take effect in 2013.  The recently released supplemental guidance, which is expected to be … Continue Reading
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