COVID-19: Updates on regulatory compliance, tax, and accounting impacts

This two-hour session is divided into three sections, covering accounting, tax, and regulatory compliance updates amid the COVID-19 pandemic. Viewers will hear from Plante Moran’s audit, tax, and risk management leaders on significant changes impacting financial institutions as a result of the COVID-19 pandemic.

To start, our audit professionals discussed the significant changes in accounting and financial reporting requirements. Next, our tax leaders covered the current state of Federal tax laws and regulations, as well as the anticipated changes resulting from the pandemic and the presidential election. They also discussed what tax planning opportunities may be available to your financial institution.

Finally, our risk advisory team covered the elevated fair lending risk associated with the Paycheck Protection Program (PPP) and temporary relief programs in a virtual panel discussion. The group also covered the benefits of using enterprise risk management tools to prepare for the next crisis.

These sessions provide insightful and timely information to ensure your financial institutions is prepared to emerge successfully from the pandemic and prepare you for the next disruption.

Learning objectives:

• Identify accounting and tax changes resulting from the pandemic.
• Evaluate how initial observations from early implementers of CECL may affect your financial institution.
• Understand what tax planning opportunities may be available if tax rates are increased.
• Evaluate whether activities taken in light of the COVID-19 pandemic may have created additional fair lending risk for your financial institution.

Moderator:

• Brian Franey

Accounting update panelists:

• Ryan Abdoo, partner
• Kate Krones, manager

Tax update presenters:

• Brian Howe, partner
• Michelle St. Ours, partner

Regulatory compliance risk advisory panelists:

• Troy Snyder, partner
• Brad Birkholz, senior manager

This webinar is part of the Plante Moran 2020 Financial Institutions Symposium. Be sure to check out the other sessions on demand here.