Sept. 13, 2018 — ICBA is urging community bankers to contact the IRS and Congress to express concern about a proposed regulation that could affect the small-business tax deduction for Subchapter S banks.
Under the proposal to implement Section 199A of the Tax Cuts and Jobs Act, financial services such as wealth management and retirement planning would not qualify for the law’s 20 percent deduction. This would effectively punish Sub S banks that offer these services and put their businesses in jeopardy.
ICBA’s Be Heard grassroots action center makes it easy to contact Congress and the IRS. ICBA encourages advocates to include personal stories in their messages for maximum impact.