Life Insurance Company Federal Income Tax Overview

Submitted by Administrator on Tue, 12/20/2011 - 3:39pm

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Course Title: Life Insurance Company Federal Income Tax Overview

Description: This course explores the fundamental Federal income tax concepts applicable to life insurance companies. This course overviews several key tax adjustments specific to life insurance companies.

Topic: Federal Income Taxation of Life Insurance Companies

Level: Basic

CPE Credits: 2.0

Prerequisites: None

NASBA publication/revision date: November 2011

Learning Objectives:

Upon successful completion of Life Insurance Company Federal Income Tax Overview, the learner should be able to:
  • Apply the qualification test to determine how an insurance company is taxed for Federal income tax purposes
  • Understand the connection between an insurance company’s Annual Statement and its Federal income tax return
  • Identify common and specific differences between an insurer’s financial statements and its Federal income tax return
  • Define and explain the Deferred Tax Concept
  • Identify common GAAP and Statutory tax disclosures

Outline:

  • Getting Started
  • Course Review
  • Qualification Test
    • Definition of an insurance company
    • Classification of insurance companies
  • The Annual Statement and Federal Income Taxation
    • Federal Income Tax Return Accounting Basis
    • Structure of Life Annual Statement
    • Tax Significance of Life Exhibits and Schedules
  • Tax Adjustments Specific to Life Insurance Companies
    • Deficit Reduction Act of 1984
    • Other Major Statutory/Tax Differences
    • Tax Adjustments Specific to Life Companies
      • Tax Basis Reserves – Life
      • Tax Basis Reserves – Nonlife
      • Policy Acquisition Costs
      • Company/Policyholder Share of Tax-favored Investment Income
      • Illustration of Proration Effect
      • Small Company Deduction
      • Limitation of Noninsurance Business Losses
  • Differences in Financial Statement and Tax Return Income
  • The Deferred Tax Concept
    • Explanation of the Deferred Tax Concept
    • Illustration of the Deferred Tax Concept
    • Deferred Tax – The Balance Sheet Method
    • Deferred Tax Illustration - Depreciation
    • Deferred Tax Illustration – Policy Acquisition Costs
  • GAAP Accounting
    • Provision Determination
    • Valuation Allowances
    • Disclosures
    • Uncertainty in Income Taxes
  • Statutory Accounting
    • Current Tax
    • Deferred Tax
    • Disclosures
  • Course Summary
DateTimeCost
$200 (first attendee)
$180 (each additional attendee)		Registration is closed.
(Registration closes 2 hours prior to the starting time.)

Note: All times are US Eastern. What time is it now?.


System Requirements:
  • Windows 95 or Higher
  • Internet Explorer 5.0 or Higher
  • 800 x 600 or higher screen resolution
  • Macromedia Flash Player 5 or Higher
  • Acrobat Reader