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Rightsizing the Floor Interest Rate Rules of Sections 7702 and 7702A
manner to support holding life insurance for one’s lifetime. In short, the enacted rules were not designed ... 2020 by President Trump (the “Act”).[8] The Act’s changes apply to contracts issued after Dec. 31, 2020 ...- Authors: Brian King, Craig R Springfield, Robert A Fishbein
- Date: Mar 2021
- Competency: External Forces & Industry Knowledge
- Publication Name: Taxing Times
- Topics: Life Insurance>Pricing - Life Insurance; Life Insurance>Product development - Life Insurance; Life Insurance>Universal life; Life Insurance>Whole life; Public Policy; Public Policy
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IRS Updates Guidance on SEPP Exception to 10% Additional Tax
periodic payments. By Mark E. Griffin and Prasanthi S. Paritala TAXING TIMES, October 2022 On Jan. 18, 2022 ... SEPPs under Code section 72(q) for non-qualified annuity contracts. Background Code sections 72(q)(1) ...
- Authors: Mark E Griffin, Prasanthi Paritala
- Date: Sep 2022
- Competency: Communication; Strategic Insight and Integration; Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Pensions & Retirement>Defined contribution and 401k plans; Annuities>Deferred annuities
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IRS Confirms Annuity Status of “Contingent Annuity Contracts”
IRS Confirms Annuity Status of “Contingent Annuity Contracts” A discussion of the three private letter ... the tax treatment of group insurance contingent annuity contracts providing guaranteed minimum withdrawal ...- Authors: Bryan W Keene, Joseph F McKeever
- Date: May 2010
- Competency: External Forces & Industry Knowledge
- Publication Name: Taxing Times
- Topics: Public Policy
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A Conversation with Retired Company Tax Actuaries
follow-up and a lot of studying, including a master’s degree in actuarial science, I ended up being hired ... planning at Northwestern Mutual, in the Controller's department. My first SOA appearance was in the early ...
- Authors: Mary Caramagno
- Date: Oct 2023
- Competency: Leadership; Strategic Insight and Integration; Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Financial Reporting & Accounting; Financial Reporting & Accounting>Tax accounting
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APPEALS COURT AFFIRMS DISTRICT COURT RULING IN VALIDUS CASE—§ 4371 EXCISE TAX INAPPLICABLE ON FOREIGN- TO-FOREIGN TRANSACTIONS
APPEALS COURT AFFIRMS DISTRICT COURT RULING IN VALIDUS CASE—§ 4371 EXCISE TAX INAPPLICABLE ... FOREIGN- TO-FOREIGN TRANSACTIONS A summary of a recent U.S. District Court decision regarding the applicability ...- Date: Nov 2015
- Competency: External Forces & Industry Knowledge>General business skills
- Publication Name: Taxing Times
- Topics: Financial Reporting & Accounting>Tax accounting
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In the Beginning... A Column Devoted to Tax Basics: Tax Accounting and Deferred Taxes for Life Insurance Companies
In the Beginning... A Column Devoted to Tax Basics: Tax Accounting and Deferred ... article provides an introduction to tax accounting for U.S. life insurance companies, with a focus on NAIC statutory ...- Authors: Kristin R Norberg
- Date: Nov 2019
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Financial Reporting & Accounting; Financial Reporting & Accounting>Statutory accounting; Financial Reporting & Accounting>Tax accounting
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New IRS Letter Ruling Provides Guidance on Substantially Equal Periodic Payments from Immediate Variable Annuities
provides guidance on the treatment of variable annuity payments as “substantially equal periodic payments” ... purposes of the definition of “immediate annuity” under section 72(u)(4).1 The ruling is significant for ...- Authors: Application Administrator, Bryan W Keene, Alison L Reynolds
- Date: Sep 2008
- Competency: External Forces & Industry Knowledge
- Publication Name: Taxing Times
- Topics: Annuities>Payout annuities
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IRS Approves Annuity Treatment for Term Certain Variable Payout
IRS Approves Annuity Treatment for Term Certain Variable Payout The article discusses a recent IRS private ... innovative payout option.under a deferred variable annuity. Annuities;Taxes;Variable annuities 6442458694 ...- Authors: John Adney
- Date: Oct 2014
- Competency: External Forces & Industry Knowledge
- Publication Name: Taxing Times
- Topics: Annuities>Variable annuities; Public Policy
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Variable Annuity Hedging Directive – A Long and Winding Road
Variable Annuity Hedging Directive – A Long and Winding Road This article outlines the IRS directive ... provides a safe harbor treatment for variable annuity hedging gains and losses relating to VA contracts ...- Authors: Timothy Branch
- Date: Oct 2014
- Competency: External Forces & Industry Knowledge
- Publication Name: Taxing Times
- Topics: Annuities>Variable annuities; Finance & Investments>Derivatives; Financial Reporting & Accounting>Tax accounting; Public Policy
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IRS Provides Important Guidance on Changes in Basis of Computing Reserves under Section 807(f)
(“PBR”) methodologies for both life insurance and annuity contracts. Prior IRS guidance did not address specific ... made to section 807(d).[5] In fact, much of the IRS’s prior guidance predated the last major pre-TCJA change ...
- Authors: Mark Smith
- Date: Mar 2021
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Public Policy