Federal Income Taxation

Submitted by Administrator on Fri, 02/03/2012 - 5:50pm

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What You Will Learn:

Participants in this intermediate level seminar will develop an understanding of the nature and structure of P&C federal income taxation and acquire the specialized insurance knowledge and skills necessary to complete or review the Form 1120-PC. Participants will complete a case study to provide hands-on preparation of a return. Participants will also learn the calculation, financial statement presentation and disclosure of deferred income taxes, based on the new guidance in SSAP 101 Accounting for Income Taxes.

Seminar content:

  • Comparison of statutory and tax accounting
  • Review of the Form 1120-PC
  • Taxable investment income
  • Losses incurred deduction
    • Discounting of loss reserves and salvage and subrogation recoverable
    • Company experience election for the 2012 election year
    • Proration adjustment
  • Taxation of premiums
    • Audit and retrospective premiums
    • Acquisition cost safe harbor
  • Other underwriting items
  • Form 1120-PC special considerations
  • Alternative minimum tax considerations
  • Statutory deferred federal income taxes under SSAP 101

Recommended Field of Study: Taxes

Who Should Attend:

Individuals responsible for preparation or review of a P&C company's tax return, including those involved in tax planning or preparing the year-end tax provision for the statutory financial statements. Also, others desiring an understanding of P&C taxation.

Prerequisites:

This seminar will be presented assuming a basic understanding of the P&C business and its financial reporting. We suggest that those who need this knowledge attend the one-day Overview of Statutory Financial Reporting seminar, conveniently scheduled to precede this seminar. For a more thorough discussion of these topics, we recommend our Accounting and Financial Reporting seminar. No advance preparation is required for this intermediate level seminar.

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 3:00 p.m.

Estimated CPE Credit: 22.0 hours

Tuition: $1995

Note(s):

Conveniently preceded by the Overview of Statutory Financial Reporting seminar, which may be added for only $695, and receive the $500 savings.

Upcoming seminar dates and locations:

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

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