Tax Reform: New Rules in Play for 2018 Returns
On December 22, 2017, President Trump signed Public Law 115-97 commonly referred to as the Tax Cuts and Jobs Act (TCJA). The TCJA amended the Internal Revenue Code of 1986 and introduced changes such as reduced tax rates for individuals and businesses, repeal of the corporate AMT, changes to the net operating loss rules and numerous changes to insurance company tax provisions. Other changes were made to: deferred acquisition costs, proration, P&C loss reserve discounting and the computation of life insurance reserves. Since enactment of the TCJA, the IRS and Treasury have published guidance, held hearings and issued proposed regulations addressing questions that arose, on reserve discounting, changes in basis for computing reserves and international topics, Base Erosion & Anti-Abuse Tax (BEAT) and the tax on Global Intangible Low Tax Income (GILTI). This webinar will summarize the guidance that has been provided, identify potential issues that remain open as companies embark on preparing their 2018 returns and explore the impact TCJA is having on the U.S Insurance Industry.