Justin Horst - Pinnacle Bancorp, Inc
Paul Sirek - Eide Bailly LLP
Over the past 26 years, the Community Bank Tax Workshop has become the banking industry’s premier advanced tax conference focused specifically on the taxation of community banks.
Tax revision will be on everyone’s mind. By the first week of November, we expect to have a sense of whether, and if so how, federal income taxes are likely to change in 2022. We might even have a new law to discuss, though that seems to be a stretch. Remember that the Tax Cuts and Jobs Act was not signed until December 22, 2017. Obviously, we will be discussing how community banks will be affected.
While the focus this year will be on tax revision, other developments are also impacting the tax liabilities of community banks. The tax provisions in the COVID relief legislation, particularly the Employee Retention Credit, are continuing to influence tax liabilities. In addition, the evolution of the community bank business model, accelerated to some extent by COVID, and of community bank changes of control present novel tax issues under both the present law and some of the proposed revisions. We will definitely have plenty of material to fill the session and then some!