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Banks frequently turn to our tax specialists because of their experience with tax issues like FAS 109 (deferred tax asset and liability) and those stemming from merger and acquisition activities as well as their expertise in tax minimization techniques, including tax accounting methods and tax credits.

Tax Consulting

Number of troubled banks has IRS on alert

How you plan for your taxes and report them can have a big effect on the balance sheet you provide to your shareholders and regulators. In the current economic environment, the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Internal Revenue Service (IRS) are all taking special notice.

These are challenging times for banks, the FDIC has put 800 financial institutions on its “troubled banks” list up from 90 just two years ago. Especially hard hit are banks where foreclosures in the commercial real estate markets have exerted enormous stress. And because banks have increased their charge-off levels the IRS is auditing more tax returns.

The IRS is watching banks

In other words, the situation is tense and you need to be questioning whether your bank is doing all it can to minimize its taxes and at the same time comply with all of the IRS regulations. You should be questioning whether you are correctly following the information reporting rules and if you need to revisit your stock option plans. These are questions on a long list, and the Plante & Moran tax specialists for banks can help walk you through all of them including the complexities of FAS 109 and accounting for income taxes for financial accounting purposes.

Because of the expertise of our tax specialists, leaders in the banking community frequently turn to them for help understanding complex tax issues and when necessary for help dealing with the IRS.

Tax credits are like money in the bank

Besides compliance, our tax specialists can help you with a full menu of tax planning and consulting services. You can depend on them to be aware of the latest in tax credits available on the state and federal levels. Of particular interest to banks are low income housing and historic tax credits. They can minimize your tax liability as well as provide Community Reinvestment Act (CRA) credits.

If you are considering ways to increase your capital such as a stock issuance or a merger or acquisition, our tax consultants can help with tax attribute carryforward strategies (Section 382) and an analysis of corporate reorganization elections (Section 338(h) (10)).

These are just a few examples of how your organization can benefit from the tax experts on our banking team. The team provides a comprehensive menu of services to efficiently and effectively support financial institutions.

Our comprehensive menu of services for banks includes:

  • Financial statement audits
  • Tax planning & compliance
  • Information security services
  • Commercial real estate advisory
  • Employee benefit plan audit
  • Employee benefits consulting
  • Human resource effectiveness
  • Internal audit
  • Loan review
  • Operations improvement
  • Regulatory compliance
  • Trust audit services

Contact Us

Mariann Krieger








"Plante & Moran has a great reputation in the banking community. And it is well deserved. Their team knows banking and have helped us address complex and complicated issues like regulatory compliance, information security, and internal control procedures.”

Joe Pierce, President
Farmers State Bank