Amortization Deep Dive: The Rule of 78s
As we talked about previously, there are many reasons why understanding amortization methods is helpful for financial professionals. Today, we’re...
Regulatory Announcements
GOLDPoint Systems provides the following information concerning changes to government regulations that may affect your financial institution.
Health Savings Account 2021 Limits Released
The Internal Revenue Service (IRS) has issued Revenue Procedure 2020-32, which provides the updated Health Savings Limits for the 2021 calendar year.
Federal Reserve Board Amends Regulation D
The Federal Reserve board has changed the rule on transfers from savings deposits. The following information is quoted from an article dated April 24 on the Federal Reserve website:
The Federal Reserve Board on Friday announced an interim final rule to amend Regulation D (Reserve Requirements of Depository Institutions) to delete the six-per-month limit on convenient transfers from the "savings deposit" definition. The interim final rule allows depository institutions to immediately suspend enforcement of the six-transfer limit and to allow their customers to make an unlimited number of convenient transfers and withdrawals from their savings deposits at a time when financial events associated with the coronavirus pandemic have made such access more urgent.
The regulatory limit in Regulation D was the basis for distinguishing between reservable "transaction accounts" and non-reservable "savings deposits." The Board's recent action reducing all reserve requirement ratios to zero has rendered this regulatory distinction unnecessary.
Concurrently, the Federal Reserve is making temporary revisions to the FR 2900 series, FR Y-9, and FR 2886b reports to reflect the amendments to Regulation D.
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200424a.htm
No programming changes are needed at this time. GOLDPoint Systems recommends you do the following to handle this regulatory change for your deposit accounts:
Please keep notes of all changes that are made at this time.
Standard 2020 Year-end Processing Action Dates, COVID-19 Adjusted
Below is a calendar of year-end processing dates with the COVID-19 related adjustments to the 2019 tax deadlines, along with our regular schedule for 2020. This can be used to help your financial institution better plan for each upcoming IRS processing event. Please contact your Account Manager with questions.
July 16 |
If your institution has retirement accounts, 5498, 5498SA, and 5498ESA reports, forms, and transmittals are available in GOLDView Plus by this date. Signed transmittals are due by July 31, 2020. |
August 5 |
IRS GOLD third pull of 1099/1098 corrections and new forms for tax year 2019. (Note: These reports and transmittals are available in GOLDView Plus.) Signed transmittals are due by the 15th. |
October 15 |
Last day to communicate changes to GOLDPoint Systems concerning any tests and year-end processing for tax year 2020. Also, the last day to submit year-end programming changes and requests. We will be emailing your year-end tax administrator a PDF in September with details for year-end tax processing. |
November 1 |
GOLDPoint Systems begins running and sending year-end IRS tests. |
Mid-November |
Problems on accounts (such as missing SSNs, hold codes, and more) should have been identified and corrected by institutions. |
December 31 |
Tax year 2020 year-end processing begins. |
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