Federal Income Taxation

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What you will learn:

Participants will develop an understanding of the theory and structure of life insurance company taxation, acquire the knowledge and skills needed to complete or review the Form 1120-L, and learn how taxation affects financial reporting.

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

Seminar content:

• Role of the Annual Statement in tax compliance
• Analysis of industry-specific tax law
• Investment income and capital gains (losses)
• Reinsurance
• Statutory and tax-basis reserves
• Gross premiums and other income
• Proration of company/policyholder share percentage
• Death benefits and other deductions
• DAC tax (policy acquisition expenses)
• Completion of Form 1120-L, with Alternative Minimum Tax (AMT)
• Statutory and GAAP tax accounting and disclosures

Who Should Attend:

Tax practitioners, accountants, managers and others responsible for preparation or review of a life insurer’s tax return or those desiring an understanding of life insurance company taxation and its impact on accounting and financial reporting.

Prerequisites:

No advance preparation or prerequisite is required for this intermediate level seminar. However, familiarity with statutory accounting concepts and the organization of the Annual Statement would be helpful.

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:

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