Federal Income Taxation

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What you will learn:

Participants 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. This case study will also focus on the calculation, financial statement presentation and disclosure of deferred income taxes, including the amounts nonadmitted for both admissibility tests in SSAP 10R.

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
  • Composite discount factors
  • Proration adjustment
• Taxation of premiums
• Other underwriting items
• Review of non-consolidated Schedule M-3
• Form 1120-PC special considerations
• Alternative minimum tax considerations
• Statutory deferred federal income taxes under SSAP 10R

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: $1895

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:

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