Description: Reserves for Annuity Contracts that Flunk Section 72(s) Can be Deductible

Description: The PPACA imposed a market share-based health insurance provider fee, known as the "Section 9010 Fee", "Health Insurer Fee", or simply the "HIF", on each “covered entity” with net premiums written in excess of $25 million that is engaged in the business of providing health insurance coverage for U.S. health risks. This article provides background information to help unpack the language behind the Section 9010 Fee and highlights a few areas of special interest including merger and acquisition-related issues, application of the Section 9010 fee to expatriate plans, and considerations regarding fee administration.

Description: Prevailing Standard Mortality and Morbidity Tables May Be Adjustable for Tax Reserves

Description: The article discusses the practical impact of recently Rev. Rul. 2014-7, which modified and supercedes Rev. Rul. 2007-54 by republishing the position of what variable annuity contract reserves are taken into for tax purposes without addressing the issue of how to calculate required interest for separate accounts; Rev. Rul. 2014-7 also obsoleted Rev. Rul. 2007-61, which had suspended Rev. Rul. 2007-54.

Description: This article addresses the scope of reserve valuation rules that compute or estimate reserves “on the basis of recognized mortality or morbidity tables, and assumed rates of interest.”

Description: On May 24, 2005, the Treasury Department and Internal Revenue Service published a notice of proposed rulemaking the “Notice” proposing regulations under Internal Revenue Code §7702, the federal tax definition of a “life insurance contract.” Discussion of determining 'attained age' for joint or multiple life policies.

Description: Withholding and Reporting May Not Be Required for Income on Failed Life Insurance Contracts

Description: Company Tax Issues

Description: In this article, the authors take an exploration of the pertinent life insurance and political history along with a review of certain aspects of federal income tax policy.

Description: Read the February 2018 issue of Taxing Times published by the The Taxation Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.