Description: Frist Quarter 2022 updates on tax issues involving: IRS publication of 7702 60-month avg. applicable federal interest rates, OECD Global Minimum Tax, final Foreign Tax Credit regulations issued by Treasury and IRS, Final Regulations on Tax Issues Associated with LIBOR Transition issued by Treasury and IRS, and the Multistate Tax Commission Partnership Project focusing on insurer investment partnerships.

Description: Summary of Administration's FY 2023 Tax Proposals of Interest to Life Insurers

Description: This article provides a short history of the correction procedures previously developed to address compliance failures and the shortcomings of those procedures under sections 101f and 7702, laying the foundation for a sea change in the correction process.

Description: This article discusses tax rates used in computing toll charges for closing agreements with respect to corrections under IRS section 7702.

Description: This article discusses a new procedure for correcting inadvertent failures to satisfy the diversification requirements applicable to variable annuity and life insurance contracts under section 817h of the Internal Revenue Code.

Description: On January 19, 2005, the Treasury Department and the Internal Revenue Service the “Service” responded to a life insurance industry request for guidance on the treatment of qualified additional benefits “QABs” under sections 7702 and 7702A of the Internal Revenue Code through the release of Revenue Ruling 2005-6 the “Ruling”.

Description: The Required Minimum Distribution [RMD] working group of the Taxation Section has completed research in determining the actuarial present value of additional benefits for computing RMD under deferred annuity contracts. This is Appendix H spreadsheet for persistency bonus calculations for this research project. Please see teh SOA website research section for the complete report and excel spreadsheets for other appendices.