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Tax Facts on Insurance & Employee Benefits is the advisor’s source for tax information as it relates to these two critical areas, showing how tax regulations are pertinent to planning practices – updated to reflect the CARES Act and more.
Insurance and employee benefits each carry their own set of tax issues, and advisers cannot possibly make the thorough and complete assessments that clients depend on without understanding this ever-changing area.
Tax Facts on Insurance & Employee Benefits is your source for tax information as it relates to these two critical business and financial planning areas, showing how tax law and regulations are pertinent to insurance, employee benefit, and financial planning practices. With thousands of easy-to-use questions & answers, Tax Facts helps advisers understand the tax implications of the recommendations that they make for their clients.
This two-volume edition features:
Thousands of easy-to-read Q&As that comprehensively cover all aspects of insurance and employee benefits tax issues
Practical advice for any professional, including financial planners, in-house HR professionals, insurance producers, and third-party advisers
Detailed explanations of the various types of insurance products and employee benefits that are most commonly used by individuals and businesses
Practice points that give concise advice on how to handle real-world tax issues
Tax information to help avoid problems before they become costly mistakes, as well as correct problems when they do occur
New in the 2022 Edition:
A new section on the Report of Foreign Bank and Financial Accounts (FBAR) requirements, including who is subject to FBAR requirements and which types of accounts must be reported.
A new section on PFICs (passive foreign investment companies), including when a foreign corporation will be classified as a PFIC and the tax treatment of U.S. shareholders in a PFIC.
A new section on CFCs (controlled foreign corporations) discussing when a U.S. shareholder is subject to immediate taxation and ways to avoid CFC status.
Complete updates due to COVID-19, including the extension of the 60-day COBRA election window
Discussion of an interim final rule by the PBGC implementing the special financial assistance rule for multiemployer pension plans in the American Rescue Plan Act.
Coverage of the tax implications of the expanded and enhanced Child Tax Credit for the 2021 tax year.
Updates on how the SECURE Act now allows employers to adopt retirement plans after the close of the employer's tax year.
Annuities and life insurance products
ERISA regulations for employee benefit plans
Health and Long-term care insurance
Disclosure and record-keeping requirements
Qualified and nonqualified compensation plans
Defined contribution and defined benefit deferred compensation plans
Funded and unfunded plans
Estate, gift tax consequences
And More! See the "Table of Contents" section for a full list of topics
Robert Bloink worked to put in force in excess of $2B of longevity pegged portfolios for the insurance industry’s producers in the past five years. His insurance practice incorporates sophisticated wealth transfer techniques, as well as counseling institutions in the context of their insurance portfolios and other mortality based exposures. Professor Bloink is working with William Byrnes, Associate Dean of Special Projects of Texas A&M School of Law, on development of executive programs for insurance underwriters, wealth managers and financial planners.
Previously, Mr. Bloink served as Senior Attorney in the IRS Office of Chief Counsel, Large and Mid-Sized Business Division, where he litigated many cases in the U.S. Tax Court, served as Liaison Counsel for the Offshore Compliance Technical Assistance Program, coordinated examination programs audit teams on the development of issues for large corporate taxpayers, and taught continuing education seminars to Senior Revenue Agents involved in Large Case Exams. In his governmental capacity, Mr. Bloink became recognized as an expert in the taxation of financial structured products and was responsible for the IRS’ first FSA addressing variable forward contracts. Mr. Bloink’s core competencies led to his involvement in prosecuting some of the biggest corporate tax shelters in the history of our country.
William H. Byrnes, Esq., LL.M.
William Byrnes is the leader of National Underwriter's Financial Advisory Publications, having been appointed in 2010. He is a professor and an associate dean of Texas A&M University School of Law. He is one of the leading authors and best-selling authors in the professional markets with 30 books that have sold in excess of 100,000 copies in print and online, with thousands of online database subscribers. His National Underwriter publications include Tax Facts, Advanced Markets, and Sales Essentials.
Mr. Byrnes held senior positions of international tax for Coopers & Lybrand and has been commissioned and consulted by a number of governments on their tax and fiscal policy. He has served as an operational board member for companies in several industries including fashion, durable medical equipment, office furniture and technology.
He pioneered online legal education in 1994. In 1998 he developed the first online program to achieve American Bar Association acquiescence. His Master, LL.M. and doctoral programs are leveraged by wealth managers, financial planners and life insurance underwriters.