2011 Presentations
Presentations
Several of our conference speakers have made their presentations available to download. Click on the title to download the presentations below.
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| 8:30 am – 5:00 pm |
17th Annual Community Bank Tax Workshop The 17th Annual Community Bank Tax Workshop is a day long workshop focused specifically on the interests of those responsible for tax planning and compliance by smaller banks. The Workshop is intended for experienced financial executives of community banks and bank holding companies and for their accountants and counsel. As was the case the last two years, much of the income tax accounting methods discussion will relate to issues associated with the ongoing recession; the timing and character of loan losses, nonaccrual assets, the tax accounting for foreclosures and other real estate owned, the problems presented by capital losses, especially to C corporation banks, and discharge of debt income. The purchase of assets from the FDIC and tax compliance by failed banks will be major topics. Finally, the large loss carrybacks from the recession are precipitating more IRS examinations than the industry has experienced for many years, and several tax issues are evolving during these examination. We will, of course, continue the popular “current update” of developments since last year’s Workshop, discuss issues faced by Selecting institutions, and keep some time for mergers and acquisitions of institutions that are not failing..FACULTY – The faculty’s experience is all with community banks. John Cederberg, a former member of the Advisory Board and the faculty co-chair since the Workshop began, comes from Nebraska, where community banks are the norm and closely held banks are the standard of ownership. His practice, however, is to be the “help desk” for CPAs who have community bank clients, so he also has a national view of the tax issues being encountered by these banks. Steven Corrie, the other co-chair and a member of the Advisory Board, is the Treasurer of Security National Bank, the lead bank in a multi-bank holding company group of community banks located in Northwestern Iowa. Speaker
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| 8:30 am – 5:00 pm |
Bank Tax Tutorial 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 seven-hour tutorial. In this session, we will be discussing the common schedule M adjustments specific to banking, the impact of IRS schedule UTP (disclosing uncertain tax positions) on financial institutions, an update on S-corporation bank issues and an overview of tax issues associated with failed bank acquisitions. Speaker
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| Time | Session Details | |
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| 8:10 AM–9:00 AM |
Keynote Address – Tom Brown Speaker
Download Presentation – Additional Instructions for downloading this presentation |
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| 10:45 AM–12:45 PM |
IRS Developments New Form UTP promises to dramatically change the way the IRS discovers tax issues and risks. This panel will focus on the new requirements of Form UTP, the reasons the IRS is proposing the form, and the likely course of the examination of the future. As always, the panel will also include a lively discussion of IRS positions and releases affecting current audit issues. The panel will include representatives from industry, public accounting and the IRS. Speakers
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| 12:45 PM–1:45 PM |
Keynote & Luncheon Speaker
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| 1:45 PM–3:15 PM |
Concurrent Sessions |
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A-1 Capital Markets Session I This session will discuss the IRS recent Section 475 industry director directive (IDD) including some frequently asked questions about the IDD. In addition, panelist will touch upon transfers of securities between financial statement mark-to-market and non-mark-to-market accounts and the various tax implications. It will also focus on the availability and implications of taxpayers making a Section 475(f) trader election. Speakers
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A-2 S-Corp S-Corporation banks make up approximately 1/3 of all banks in the United States. Their pass-through structure poses some unique challenges and opportunities that will be explored in this session. We will also cover the impacts of new legislation and judicial rulings; review relevant IRS audit issues; and engage in a panel discussion with an S-Corp bank executive. Speakers
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| 3:45 PM–5:15 PM |
Concurrent Sessions |
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B-1 Capital Markets Sessions II This capital markets session will continue from part 1, and focus on the various tax implications resulting from the implication of the Dodd/Frank legislation. Discussion will also include various recent legislative, regulatory, judicial and IRS developments including US Equity Swaps, (Section 871(m)); Anschutz decision; GLAM re: ADR’s; and a discussion of the OECD recent draft discussion paper regarding beneficial ownership. Speakers
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B-3 Community Banking Update This session will provide an overview of federal income tax rules and recent developments of significant interest to small and mid-sized banks. Topics to be discussed will include OTTI, FDIC assisted transactions, bad debt and conformity elections, OREO tax accounting, and S Corporations. Speakers
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| Time | Session Details | |
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| 8:00 AM–9:15 AM |
State and Local Taxation of Banks and Financial Institutions (SALT) The SALT session will be a panel discussion on some of the latest income/franchise developments for banks and their affiliates. During the session we will review and update the participants on key areas, including; changes proposed by the multistate tax commission’s financial organization apportionment rules; state adoption of a business purpose doctrine; state tax considerations for banks party to FDIC assisted deals, latest nexus trends, reportable transactions and UTP reporting; state considerations for holders of REMIC interests; and, the impact of holding partnership interest. We will also review state audit trends and activity in California, Illinois, Massachusetts, New York, and Washington. Speakers
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| 9:15 AM–10:30 AM |
Loan Workouts The session will review the federal income tax implications of various aspects of loan workouts, loan impairments and loan modifications. The panel will include a discussion of; applicable Original Issue Discount rules; phantom gain/loss recognition under Treasury Regulations 1.1001-3; information reporting considerations common to loan workouts; and other tax considerations under the HAMP loan modification program. The panel will also include a discussion of the U.S. GAAP treatment of loan impairments under SFAS 114, including a comparison to applicable US Federal Income tax principles. Speakers
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| 11:00 AM–12:45 PM |
Concurrent Sessions |
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C-2 Mergers & Acquisitions The session will review federal income tax developments and planning and accounting issues arising in mergers and acquisitions. Consideration will be given to the form of the transaction and the resulting consequences. Topics to be discussed include an analysis and review of common acquisition structures, new reorganization regulations, boot allocation in corporate reorganizations, handling target stock options, paying out deferred compensation, enhancing 280G limitations; resolving due diligence issues with S Corp elections and developments; closing down the target’s ESOP; recording the proper deferred taxes; and required disclosures with final returns. Speakers
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C-3 Compensation and Benefits This presentation will focus on recent changes in executive and incentive compensation that are relevant to financial institutions as broadly defined. A key portion of the presentation will focus on final guidance on Sound Incentive Compensation Policies and the proposed regulatory changes under the Dodd-Frank Wall Street Reform and Consumer Protection Act; there will also be an update on the new mortgage originator regulations. Additional topics will include forgivable loans and a discussion of the tax and accounting issues for cash bonuses and stock-based compensation; this discussion will cover the timing of tax deductions, company compensation expense, treatment of dividend payments, and the differences between restricted stock grants and restricted stock units. Finally, we will have an update on trends in nonqualified deferred compensation plans. Speakers
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| 1:45 PM–3:15 PM |
Concurrent Sessions |
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D-1 FATCA- What Do US Financial Institutions Need to Do? The Foreign Account Tax Compliance Act of 2009 (“FATCA”) was included in the Hiring Incentives to Restore Employment (“HIRE”) Act enacted in March 2010, and is generally effective for payments made after December 31, 2012. FATCA was enacted in response to the continued perception that U.S. individuals are not reporting all of their income earned outside the U.S. either due to lax standards or intentional actions of certain foreign entities. FATCA imposes a 30 percent withholding tax on any “withholdable payment” made either to a Foreign Financial Institution (“FFI”) or Non Financial Foreign Entity (“NFFE”). To avoid the withholding tax the FFI or NFFE must comply with the new reporting, disclosure, and related requirements. This session will focus on the impact to US Financial Institutions and what they need to do to comply fully with the new withholding, documentation and reporting obligations resulting from FATCA. Speaker
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