Federal Income Taxation

Submitted by Administrator on Wed, 02/01/2012 - 2:40pm

Printer-friendly versionPrinter-friendly version

What you will learn:

Participants will develop an understanding of the theory and structure of life insurance company federal income taxation, acquire the knowledge and skills needed to complete or review the Form 1120-L: U.S. Life Insurance Company Income Tax Return, and learn how federal income taxation affects Statutory and GAAP financial statement reporting and disclosure.

The textbook for this seminar includes a detailed illustration, along with supporting workpapers, of a completed Form 1120-L from a model company Statutory Annual Statement.

Seminar content:

  • Role of the Statutory Annual Statement in federal income tax compliance
  • Discussion and analysis of industry-specific Internal Revenue Code provisions such as:
    • Proration (Company/Policyholder share percentages)
    • Policy acquisition expenses (TAX DAC or Proxy DAC)
  • Separate Accounts
  • Reinsurance
  • Statutory to Tax reconcilliation of:
    • Gross premiums and other income
    • Gross investment income
    • Realized gains (losses) on capital assets
    • Reserves
    • Insurance contracts benefits (e.g. death benefits) and other deductions
  • Completion of Form 1120-L including Alternative Minimum Tax (AMT)
  • Statutory and GAAP federal income tax reporting and disclosure

Field of Study: Taxes

Knowledge Level: Intermediate

Who Should Attend:

Tax practitioners, auditors, accountants, managers and others responsible for the preparation or review of a life insurer’s federal income tax return or those desiring to understand federal income taxation of life insurance companies and its impact on Statutory and GAAP financial reporting and disclosure.

Prerequisites:

No advance preparation or prerequisite is required for this seminar. However, familiarity with statutory accounting concepts and the organization of the Annual Statement would be helpful as provided in several of our other seminars.

Class Times:

Class begins at 8:30 a.m. and ends at 5:00 p.m. except on the last seminar day which adjourns at 12:15 p.m.

Estimated CPE Credit: 20.0 hours

Tuition: $1895

Upcoming seminar dates and locations:

There are no upcoming dates for this seminar.
Look for our 2012 schedule in February/March.

To register and pay by credit card, use the Register Now button(s) below.

To register by mail and pay by check, click here.