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 questions & answers, 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 2022 Edition:
- A new section on the Report of Foreign Bank and Financial Accounts (FBAR) requirements, including who is subject to FBAR requirements and which types of accounts must be reported.
- A new section on PFICs (passive foreign investment companies), including when a foreign corporation will be classified as a PFIC and the tax treatment of U.S. shareholders in a PFIC.
- A new section on CFCs (controlled foreign corporations) discussing when a U.S. shareholder is subject to immediate taxation and ways to avoid CFC status.
- Complete updates due to COVID-19, including the extension of the 60-day COBRA election window
- Discussion of an interim final rule by the PBGC implementing the special financial assistance rule for multiemployer pension plans in the American Rescue Plan Act.
- Coverage of the tax implications of the expanded and enhanced Child Tax Credit for the 2021 tax year.
- Updates on how the SECURE Act now allows employers to adopt retirement plans after the close of the employer's tax year.
Topics Covered:
- Annuities and life insurance products
- ERISA regulations for employee benefit plans
- Health and Long-term care insurance
- Disclosure and record-keeping requirements
- Qualified and nonqualified compensation plans
- Defined contribution and defined benefit deferred compensation plans
- Funded and unfunded plans
- PBGC requirements
- Estate, gift tax consequences
- And More! See the "Table of Contents" section for a full list of topics
