Banker's Toolbox Announces — ACQUISITION OF LOAN LOSS RESERVE POWERHOUSE, MAINSTREET TECHNOLOGIES
Banker's Toolbox, Inc., leaders in compliance solutions for financial institutions, announced the acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry leader in the loan risk management space. This acquisition adds to a strong and growing portfolio of compliance-related solutions and will continue to enhance the value Banker's Toolbox brings to both their customers and the industry. (Read full press release here.)
New employer tax credit for paid family and medical leave
Treasury announced yesterday that, as part of the 2017 Tax Cuts and Jobs Act, eligible employers who provide paid family and medical leave to their employees during tax years 2018 and 2019 may qualify for a new business credit. Retroactive credit may also be available to employers for setting up or updating a leave policy. Eligible employers who set up qualifying paid family leave programs or amend existing ones may also be eligible to claim the employer credit for paid family and medical leave, retroactive to the beginning of the employer’s taxable year, for qualifying leave already provided. Guidance was also released clarifying how to calculate the credit, including the application of special rules and limitations. Generally, only paid family and medical leave provided to employees whose prior-year compensation was $72,000 or less qualify for the credit.