Paul Sirek, Partner - Eide Bailly LLP
Justin Horst, Chief Financial Officer - Pinnacle Bancorp Inc
Over the past 27 years, the Community Bank Tax Workshop has become the banking industry’s premier advanced tax conference focused specifically on the taxation of community banks.
Last year, we were anticipating a major federal tax revision, but it didn’t happen then, and still has not happened. This year’s Workshop will be a week after the mid-term elections, which should give us some perspective on the prospects for revision in 2023.
The probable lack of tax legislation will give us the opportunity to catch up on community bank tax issues that have been pushed aside by COVID-19 and legislative concerns since at least 2019. Just a sampling of the topics to catch up on; we have an accumulation of Regulations and other IRS guidance, and Court decisions, to discuss. There are accounting method issues that have emerged during recent years, especially in the merger and acquisition arena. We have some COVID issues still with us, including the employee retention credit. We now have enough experience with the Tax Cuts and Jobs Act tax rates to revisit whether or not to make, or revoke, the S election, and tax planning if the election will be revoked. We have more experience with the application of the 20% qualified business deduction for S corporation banks. And more! We will have plenty of material to fill the session and then some!