BAN2014. Tax Changes and Planning Opportunities Brought About by the COVID-19 Fallout

This session will provide attendees with an overview of COVID-19 tax developments impacting the financial services industry and will be presented in terms that the non-tax-professional can understand. Topics to be discussed include a summary of the CARES Act tax provisions, including tax planning strategies resulting from its enactment, an analysis of the GAAP and regulatory impact of these tax law changes and a summary of significant industry issues, including the impact of certain acquisition structures on the tax-exempt status of bank-owned life insurance (“BOLI”).

Learning Objectives:

• Recognize how recent CARES Act tax law changes impact the financial services industry
• Identify potential CARES Act tax planning opportunities that can add to the bank’s bottom line
• Discover which common bank acquisition structures may negatively impact the tax-exempt status of acquired BOLI policies and identify potential structural planning alternatives that may avoid these concerns