This webcast offers “must know” information and differing perspectives on key IRS procedures that can be utilized by insurance companies to address complex tax issues and situations.
The discussion will cover:
- IRS product tax correction procedures such as the procedure applicable to inadvertent modified endowment contracts (MECs) and failed life insurance contracts
- Private letter ruling procedures, which can be used to have the IRS address a taxpayer-specific tax issue
- Accounting method changes—commonly known as changes in basis of computing reserves, section 807(f) changes, and/or Form 3115 filings. Speakers include the Branch Chief of the IRS Office of Chief Counsel’s Insurance Branch, which responds to taxpayer requests under the procedures that will be discussed, and actuaries and tax attorneys who have a wide range of expertise and practical experience with the procedures.