IRS Releases Final Regulations under Section 6050Y
Posted on Oct 28, 2019 in Insurance Tax
The IRS has issued final regulations under section 6050Y, which was added by the TCJA. Generally, section 6050Y requires information reporting with respect to certain life insurance contract transactions, such as payments of reportable death benefits. The final regulations detail the reporting requirements, such as the manner of reporting and the required timing of such reporting....
CRS Report Analyzes 2017 Federal Tax System In Anticipation of Tax Bill Changes
Posted on Jan 9, 2018 in Individual Taxation, Insurance Tax, International Tax, News, Pass-through Taxation
The Congressional Research Service (CRS) published Report 7-5700 on December 26, 2017, which provides an overview of the federal tax system as in effect through 2017. The report notes that the new tax bill, H.R. 1, will generate broad changes for individuals (personal exemptions; standard deduction) and businesses (different tax rate for pass-through business income; territorial tax...
Legal Alert: Insurance Industry Provisions in H.R. 1, the Final Tax Bill
View the Eversheds Sutherland Legal Alert discussing the modifications of importance to insurance companies in the Final Tax Reform Bill here.Senate May Vote on Its Tax Reform Bill as Early as Thursday, but There Are Hurdles to Overcome
At least a half dozen Republican senators have shown concern about the Senate version of the Tax Cuts and Jobs Act, threatening the passage of the bill by the end of this year. The bill, passed out of the Senate Finance Committee on November 17, faces its next major hurdle from the Senate Budget Committee who will meet Tuesday, November 28, to add a revenue-raising measure allowing...White House Officials State Willingness to Sacrifice Health Care Provision for the Tax Reform Greater Good
Posted on Nov 20, 2017 in Insurance Tax, News
The White House Budget Director, Mick Mulvaney, indicated that the Trump Administration is willing to strike the health care provision in the Senate’s proposed tax legislation repealing the requirement that everyone in the U.S. have health insurance or pay a fine. Striking this provision would leave the Senate $338 billion short of their revenue goal and would require Republican...
Legal Alert: Tax Cuts and Jobs Bill Update: Major Insurance Industry Changes
View the Eversheds Sutherland Legal Alert discussing the insurance provisions of the amended House version and the Senate tax reform plans here.Legal Alert: Tax Cuts and Jobs Bill: Major Insurance Industry Changes
View the Eversheds Sutherland Legal Alert discussing the insurance provisions of H.R. 1 here.