This document summarizes recent tax developments from November 20, 2013. It discusses the federal tax legislative updates including Notice 2013-35 on bad debt regulations. It covers charge offs and issues the IRS has with agreeing that GAAP and tax definitions of worthlessness match. It outlines the two conclusive presumptions for charge offs. It also summarizes recent changes to the treatment of holding period costs for OREO according to a Generic Legal Advice Memorandum. Finally, it outlines seven major changes to the Pennsylvania Bank Shares Tax that take effect in 2014, including eliminating the moving average for equity capital and lowering the tax rate.