Description: This article summarizes the treatment of changes in the basis for determining life insurance tax reserves under prior law and describes the changes enacted by the Tax Cuts and Jobs Act. It further explains the procedures for changing the basis of computing reserves under the new rules as outlined in Revenue Procedure 2019-10, the IRS’s December 2018 guidance on the subject, and discusses the uncertainties that remain.

Description: Read the October 2020 issue of Taxing Times published by the Taxation Section. Newsletter provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Chairperson's column for the October 2020 issue of Taxing Times with thoughts on the effects of COVID-19 on the Taxation Section.

Description: Our third issue of Taxing Times arrives just as 2005 is coming to an end. Reflecting back on this past year, I am amazed and pleased with how much the Taxation Section has accomplished.

Description: The Taxation Section of the Society of Actuaries recently conducted a survey of its members to get a better understanding of how actuaries are being utilized in areas where tax plays a role within the insurance industry. The results of the survey are discussed in this article.

Description: Discussion about the recent activities of the Taxation Section and its council and plans for the future. The project of the NPT [Necessary Premium Test] task force was discussed.