All times listed are Eastern.
12:00 PM - 12:25 PM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12:25 PM - 2:00 PM | This session will provide an overview of recent tax developments impacting financial institutions. KPMG banking tax partners Mark Price, Liz L’Hommedieu and Matt Mosby will be joined by John Kinsella, VP Tax Policy of the American Bankers Association, to review the tax impacts of 2020’s wild ride. Topics to be discussed include analysis and review of recent and proposed tax legislation, including tax considerations with the CARES Act; a summary of recent IRS pronouncements, including guidance on the Employment Retention Credit and Paycheck Protection Program; recent accounting and regulatory guidance related to the TCJA; and, income tax issues related to a down cycle economy including forbearance and loan modifications. Speakers:
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2:00 PM - 2:10 PM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2:10 PM - 3:10 PM | This session will cover:
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3:10 PM - 3:45 PM |
12:00 PM - 12:30 PM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12:30 PM - 4:30 PM | Over the past 25 years, the Community Bank Tax Workshop has become the banking industry’s premier annual advanced tax conference focused specifically on tax planning and compliance by community banks. While the focus this year has been more directly on the current COVID-19 pandemic, there have been important events that affect the tax liabilities of community banks. Front and center are the tax provisions in the federal CARES Act, and the tax treatment of economic provisions in the CARES Act that have tax effects which are not addressed by the Act itself. There are also other tax developments, including additional IRS guidance under the Tax Cuts and Jobs Act, and the continuing evolution of the community bank business model such as S corporation revocations. We will have plenty of new material to fill the session and then some! | The COVID-19 pandemic is having a significant impact on financial markets driven by workforce restrictions, unemployment, production disruptions, travel restrictions, reduced consumer spending and sentiment, amongst other factors. These impacts, and the resulting economic instabilities, are negatively impacting many companies’ financial performance. The financial impacts of COVID-19, as well as a bank’s responses, may impact the institution’s income tax accounting. Join your KPMG instructors for a refresher on routine tax accounting items that may not be so routine when contending with a down- cycle economy. | As most of the presentations at the conference will focus on specific technical issues, you will want to take advantage of our preparatory Bank Tax Tutorial. The Bank Tax Tutorial is designed for comptrollers, tax professionals and their outside advisors, and prepares you to follow the conference presentations with a greater understanding of the complexity of these issues. If you have not had a refresher course in some time, if you want a succinct and inclusive review, or if you just want to fill in gaps in your background, plan now to attend this special tutorial. In this session, we will discuss the common schedule M adjustments specific to banking, the bad debt conformity election, and emerging issues that are likely to be discussed in detail at the main conference. This session will:
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12:30 PM - 1:00 PM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12:55 PM - 2:00 PM | The 2020 election will go down in history as an election like no other. Held during a pandemic and with both the White House and Senate at stake, the outcome of the election promises to bring lasting tax policy consequences. The Tax Cuts & Jobs Act did not achieve a political consensus around tax reform and the global tax policy landscape continues to shift, so the tax policy debate will continue. In this session, we will provide a recap of the 2020 election and what the results portend for tax policy in 2021 and beyond. Speakers:
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2:00 PM - 3:00 PM | KPMG’s Mike Dolan, Liz L’Hommedieu, and Sharon Katz Pearlman will join LB&I Commissioner Doug O’Donnell and LB&I’s Director of Financial Institutions and Products, Pete Puzakulics, in a panel discussion of the current LB&I focus and initiatives with special emphasis on the potential impacts on financial institutions. Speakers:
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3:00 PM - 4:00 PM | This session will discuss recent tax developments to the financial services industry and the international arena. Speakers:
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12:30 PM - 1:00 PM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1:00 PM - 2:00 PM | This session will consider how the U.S. economy is adjusting to the pandemic environment, winners and losers among economic sectors, impact on capital markets, and outlook. Key Takeaways
Speaker: Robert Strand, Vice President and Senior Economist - American Bankers Association | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2:00 PM - 3:00 PM | The State and Local Tax session will be covering the latest developments in state and local taxation of financial Speakers:
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3:00 PM - 4:00 PM | The Compensation and Fringe Benefits Update session will cover compensation and fringe benefit topics relating to the 2020 COVID-19 Pandemic. This includes brief discussions on impacts to payroll taxes, employer provided benefits and other relevant compensation topics. Speaker: Albert Arazi, Senior Manager, Human Capital Services - Grant Thornton |
12:30 PM - 1:00 PM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12:55 PM - 2:00 PM |
Speaker: Charles P. Rettig, Commissioner - Internal Revenue Service | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2:00 PM - 3:00 PM | This session will provide an overview of federal income tax issues and recent developments of significant interest to small and mid-sized banks. Topics to be discussed include an overview of the CARES Act provisions and other COVID-19-related developments of particular interest to community banks, an overview of the BOLI reportable policy sale regulations and their potential impact on common bank acquisition structures and other technical developments. All topics will be presented from a community banking perspective by practitioners who serve this market extensively. This session will:
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3:00 PM - 4:00 PM | 2020 has been an unprecedented year of unique challenges regarding cash flow, taxation, and employment. Over the past year, we have been inundated with help from Washington in the form of loans, credits, deferrals, and retroactive tax law changes. Join us for a discussion covering the impact on S-Corp banks and their shareholders, including M&A activity, the impact of the election, and the CARES Act. Three Key Takeaways:
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12:30 PM - 1:00 PM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12:55 PM - 2:00 PM | Most banks invest in monetizable tax credits for various reasons including regulatory requirements, managing effective tax rates, receiving a better return for cash on hand, and ESG considerations. Over the years these efforts have grown, and it is not uncommon to see banks investing hundreds of millions if not more than a billion dollars a year into tax credits. On this panel we will walkthrough:
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2:00 PM - 3:00 PM | This session will discuss the taxpayer and government positions on current issues being raised by the IRS for examination. The session will feature a lively discussion of IRS positions affecting current examination issues as well as strategic initiatives and structural changes within the IRS that will impact taxpayers. Speakers:
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3:00 PM - 4:00 PM | As consolidation and M&A activity continue at a rapid pace, bankers are looking ahead to build a competitive edge and a strong business. In this session, panelists will discuss M&A topics including net operating loss utilization and limitations, consolidated tax issues and recent transaction trends. Hear observations, items commonly missed, and strategies to overcome challenges that your bank can act on now. Speakers:
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12:30 PM - 1:00 PM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12:55 PM - 2:00 PM | This session will cover income tax accounting considerations arising from continuing developments including COVID-19, Financial Accounting Standards Board staff projects, regulatory focus areas, and tax accounting challenges. Speakers:
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2:00 PM - 3:00 PM | This session will provide an update on recent and upcoming developments in financial reporting, including new and proposed accounting standards, as well as current hot topics facing the financial institution industry. Three Key Takeaways:
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3:00 PM - 4:00 PM | Including High Tax Exception under Section 951A, Dividend Received Deduction under Section 245A and Foreign Derived Intangible Income under Section 250 Speakers:
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