All times listed are Eastern.

7:30 AM - 5:30 PM | Registration

7:30 AM - 8:30 AM | Networking Breakfast

8:30 AM - 4:45 PM

Bank Tax Tutorial Workshop

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 tax directors, tax professionals who serve the banking industry and others responsible for handling bank income tax matters. This workshop 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 seven-hour tutorial. In this session, we will discuss the common schedule M adjustments specific to banking, the bad debt conformity election and its use in tax planning, and emerging issues that are likely to be discussed in detail at the main conference.

8:30 AM - 4:45 PM

Community Bank Tax Workshop

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!

8:30 AM - 12:00 PM | Accounting for Income Taxes Workshop

With major tax legislation likely on the way, bank M&A activity reaching highest level in decades, and growing interest in the intersection of tax and ESG, professionals will need to consider how these changes may affect the institution’s income tax accounting. Join your KPMG instructors for a refresher on selective common areas of accounting for income taxes considerations that may be impacted by the legislative proposals, business combinations, and investments in tax credits.

12:00 PM - 1:00 PM | Networking Lunch

3:00 PM - 3:30 PM | Networking Break

4:45 PM - 5:45 PM

Roundtable A - Tax Implications for Cryptocurrency & Virtual Currencies

Speaker: Thomas Shea, Principal, FSO Tax Services - Ernst & Young

4:45 PM - 5:45 PM

Roundtable B - Data Analytics: Leveraging Metrics to Improve Decision Making

Speaker: Amit Ringshia, Principal, Ignition - KPMG

5:45 PM - 6:45 PM | Welcome Cocktail Reception

7:00 AM - 8:00 AM | Registration & Networking Breakfast

8:00 AM - 9:00 AM | Morning Keynote: A Conversation with Doug O'Donnell, IRS Deputy Commissioner of Services and Enforcement

Mr. O’Donnell will provide an update of recent developments at the IRS including important initiatives being implemented in connection with the Taxpayer First Act and other planning for the future.  He will also provide general background on the status of operations and IRS progress in “catching up” in a pandemic world.  Finally, he will provide an update on plans for audits and other activities in the future.

Douglas W. O'Donnell CPA, Deputy Commissioner for Services & Enforcement - Internal Revenue Service

9:00 AM - 10:15 AM | General Banking Update

This session will provide an overview of recent tax developments impacting financial institutions.  Our speakers will review the tax impacts of 2021’s wild ride. Topics to be discussed include recent and proposed tax legislation, new Treasury regulations, relevant case law, and tax considerations with industry developments (e.g., LIBOR transition, remote workforce).

10:15 AM - 10:45 AM | Mid - Morning Break

10:45 AM - 12:00 PM | IRS Developments

The session will address a variety of IRS enforcement-related topics including, for example, increased use of technology and data analytics by the IRS, current priorities and focus areas at the IRS, and developments as to the Compliance Assurance Program (CAP).

12:30 PM - 1:30 PM | Networking & Keynote Luncheon: Tax Policy Outlook in the Post-COVID Era: What to Expect in 2021 and Beyond

Jon Traub will provide an update on tax policy developments in Washington. With Democrats holding narrow majorities in the House and Senate, the stage is potentially set for major changes to federal tax law. As we near the end of President Biden’s first year in office, this session will explore his tax proposals, their status in Congress, and what to expect moving forward.

1:45 PM - 3:15 PM

S Corp Update

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.

1:45 PM - 3:15 PM

International Tax Update

In 2017, the TCJA ushered in some of the most transformational corporate and international tax reforms in 30 years.  Now only four years later, we are on the precipice of yet another transformational shift in how the U.S. taxes corporate and international income.  This panel will address developments in the area of international taxation including the latest from Congress on the Build Back Better Act and developments relating to transfer pricing and BEPS 2.0.

1:45 PM - 3:15 PM

M&A Update

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.

3:45 PM - 5:15 PM

Tax Credits & Renewables

Most banks invest in monetizable tax credits for various reasons including regulatory requirements, managing effective tax rate, 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.  In addition, recent events have introduced new programs, and rethinking the future of work has impacted how and when investing occurs.

3:45 PM - 5:15 PM

Information Reporting

Information Reporting update focusing on recent developments across US tax information reporting regimes under IRC Sections 3, 4, and 61. In addition, the session will take a look at potential changes to information reporting as a result of tax reform.

5:15 PM - 6:15 PM | Networking Cocktail Reception

7:30 AM - 8:00 AM | Networking Breakfast

8:00 AM - 9:00 AM | Morning Keynote Address: A View Through the Fog on the Economic Outlook

How is the economy rebounding from the pandemic-driven downturn? With inflation rising and growth slowing, is there a risk of "stagflation"? When will the Fed start raising interest rates and how will this affect the recovery? ABA senior economist Rob Strand will discuss these issues and the outlook for the economy and condition of the banking industry.

Robert Strand, Senior Economist - American Bankers Association

9:00 AM - 10:15 AM | State & Local Tax

The State & Local Tax Workshop will provide an overview of the latest in state tax policy and controversy impacting the financial services industry.  The session will include a review of leading state tax cases, audit issues and other current developments.

10:15 AM - 10:45 AM | Mid Morning Break

10:45 AM - 12:00 PM | Federal and State Tax & Benefits Considerations

This presentation will cover issues raised by office reopenings, and by “remote working” policies that are being adopted for the thousands of employees who want to continue to work at home at least part time.  Employers are wrestling with the identification of employees with “home offices” (versus homes serving as “primary” or “secondary” places of business), since that determination affects when employees can be reimbursed for home office equipment, overtime meals, daily commutes between home and office, or extended office visits, involving overnight stays. These remote working policies can also trigger new responsibilities for information reporting and state income tax withholding (both during and after the Pandemic), and may also trigger substantial increases in state income taxes, for corporations whose employees are working in states or countries where the employer might not previously have had any business nexus.

12:00 PM - 1:00 PM | Networking Lunch

1:00 PM - 2:30 PM

FSI Update

This session will discuss recent tax developments to the financial services industry and the international arena.

1:00 PM - 2:30 PM

Community Banking Update

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 recent federal tax legislation and administrative pronouncements of particular interest to community banks and a robust discussion of tax planning strategies aimed at maximizing the benefit of a potential tax rate increase. All topics will be presented from a community banking perspective by practitioners who serve this market extensively.

Key Takeaways:

  • Provides a comprehensive, up-to-date summary of federal tax issues of interest to community banks
  • Frames the discussion and consideration of these developments from a community bank perspective
  • Identifies tax planning strategies available to community banks to maximize the benefit of a potential tax rate increase