Case Study 1

Situation: 
A community bank seeks guidance on Sarbanes-Oxley and related Public Company Accounting Oversight Board (PCAOB) implementation strategies.

Insight:
UHY Advisors conducts presentation, follow-up consulting, and advice to the community bank’s Audit Committee and Board of Trustees on mandated regulatory compliance and initiatives. 

Result:
With a clearer understanding of the regulatory environment, the Audit Committee and Board of Trustees had the necessary knowledge and assistance to develop a plan and adopt compliance issues implementation strategy relating to sound corporate governance and Board roles and responsibilities.

Case Study 2

Situation:
A privately owned bank seeks to reduce federal and state income taxes.

Insight:
A bank owned by one family (not actively involved in the management) was paying a corporate level tax as a regular corporation, in addition to a second level of tax when distributions were made to its shareholders. 

Result:
Making an S-Corp election eliminated the corporate level tax and positioned the shareholders to pay lower tax from a potential sale of the bank in the future.