Publisher's Synopsis
Insurance and employee benefits each carry their own set of tax issues, and advisers cannot possibly make the thorough and complete assessments that clients depend on without understanding this ever-changing area.
Tax Facts on Insurance & Employee Benefits is your source for tax information as it relates to these two critical business and financial planning areas, showing how tax law and regulations are pertinent to insurance, employee benefit, and financial planning practices. With thousands of easy-to-use Q&As, Tax Facts helps advisers understand the tax implications of the recommendations that they make for their clients.
This two-volume edition features:
- Thousands of easy-to-read Q&As that comprehensively cover all aspects of insurance and employee benefits tax issues
- Practical advice for any professional, including financial planners, in-house HR professionals, insurance producers, and third-party advisers
- Detailed explanations of the various types of insurance products and employee benefits that are most commonly used by individuals and businesses
- Practice points that give concise advice on how to handle real-world tax issues
- Tax information to help avoid problems before they become costly mistakes, as well as correct problems when they do occur
New in the 2020 Edition:
- Answers to questions covering the new Individual Coverage HRAs (ICHRAs)
- New rules on reporting requirements for insurance policy sales under the 2017 Tax Act
- Updated coverage of deductibility premium payments paid pursuant to divorce and separation agreements
- Expanded coverage of trust-owned life insurance policies
- Updated rules for determining compensation for nondiscrimination testing
- New content on documentation requirements for pre- and post-mortem distributions from qualified plans
- The effect of HRAs and QSEHRAs
- Updated deductible values, cost-sharing limits, wellness program information, and Federal Poverty Guidelines
- Changes in the employer mandate to offer coverage and the penalty for not meeting affordability requirements
- The effect of the individual mandate repeal
- A 2020 update on related taxes, such as tanning bed tax, the additional Medicare tax, medical device tax, and Medicare tax on investment income of 3.8%, and the continuing delay in implementation of the Cadillac Tax
- Updated inflation number projections
Topics Covered:
- Annuities and life insurance products
- ERISA regulations for employee benefit plans
- Health insurance, including Healthcare Reform
- Long-term care insurance
- Disclosure and recordkeeping requirements
- Qualified and nonqualified compensation plans
- Defined contribution and defined benefit deferred compensation plans
- Funded and unfunded plans
- PBGC requirements
- Estate and gift tax planning and consequences
- Traditional IRAs and Roth IRAs
- And More! See the "Table of Contents" section for a full list of topics
