With thousands of easy-to-use Q&As that cover the most critical topics, Tax Facts helps advisers of all kinds understand the tax implications of the recommendations that they make for their clients. Insurance and employee benefits are complicated tools that 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.
This two-volume edition features:
Thousands easy-to-read Q&As that comprehensively cover all aspects of insurance and employee benefits tax issues
Practical advice for any professional, including 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 give concise advice on how to handle real-world issues
Having the right tax information helps avoid problems before they become costly mistakes, as well as correct problems when they do occur
New in the 2024 Edition:
SECURE Act 2.0 changes and proposed regulations, including:
new rules allowing plan participants to take emergency distributions to cover immediate financial hardships without penalty, including qualified natural disasters
what small business clients should know about the student loan match option
how plans may implement a "free-look period" of up to 90 days, during which the taxpayer can rescind the purchase of a qualified longevity annuity contract without penalty
when plan fiduciaries are required to collect overpayments from participants or make corrective contributions for overpayments not collected from plan participants
how sole proprietors and owners of single member LLCs can make elective deferrals to their solo 401(k) plans up until their tax filing deadline
the rules that allows the plan to designate any named fiduciary, other than the participating employer, as the fiduciary responsible for contribution collections
when SIMPLE plan sponsors may allow employees to elect to treat employer contributions to SIMPLE accounts as Roth contributions
penalties for missed RMDs and how designated beneficiaries are required to take annual RMDs throughout the ten-year distribution period
when a qualified charity will now count as a designated beneficiary of special needs trusts so that the charity can take advantage of the stretch distributions
A new section on retirement planning, including:
Roth IRA funding with after-tax dollars to generate tax-free income later in life and how a taxpayer’s Roth IRA savings can be impacted by divorce, and how to execute a non-taxable Roth conversion
what surviving spouses who inherit IRAs should know when deciding how to treat the inherited account
what taxpayers should consider when deciding whether to execute a “reverse” rollover from an IRA into a 401(k) and an understanding of the “once per year” IRA rollover rule
how the substantially equal periodic payment exception to the early withdrawal rule help taxpayers who choose to retire early starting
the types of estate planning strategies that individuals can use to replace the "stretch" IRA
charitable remainder trust options
purchasing life insurance to pre-fund beneficiary’s tax liability
The Department of Labor’s plans to revise its Voluntary Fiduciary Correction Program and prohibited transaction exemption 2002-51
New IRS proposed regulations to clarify the permitted uses of forfeitures in defined contribution plans
Update on the IRS’s recently released Notice 2022-41 to change the rules governing mid-year election changes and cafeteria plans in light of the final regulations that fix the so-called "family glitch" under the ACA
Update on the DOL’s recently released bulletin clarifying its position on employer obligations when determining whether a remote employee is eligible for FMLA leave
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
Prof. Robert Bloink worked to put in force in excess of $2 billion of death benefits 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. Prof. Bloink is a professor of tax for the Graduate Program of International Tax and Financial Services, Thomas Jefferson School of Law, San Deigo, CA.
Previously, Prof. 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 US 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, Prof. Bloink became recognized as an expert in the taxation of financial structured products and was responsible for the IRS’s first FSA addressing variable forward contracts. Mr. Bloink’s core competencies led to his involvement in prosecuting
some of the largest corporate tax shelters in the history of the United States.
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.
William B. Reeve
Bill is a principal of Mahony & Reeve, LLC, a medium-sized CPA firm specializing in tax planning and tax preparation, located in Natick, Massachusetts. His role in the firm is to provide clients with stock option strategies, AMT planning, and oversee the taxation of clients’ like-kind exchanges and their activity in DSTs – Delaware Statutory Trusts. In addition, he is a registered representative of Kastel Capital Advisors, LLC, a wealth management firm in Wellesley, Massachusetts. At this firm, he provides clients with asset management strategies and retirement planning services. From 1995 to 2005, he ran Sound Financial Planning, Inc., an investment advisory firm that specialized in portfolio management and tax planning.
Bill taught Tax Planning and Investment Planning for Boston University’s classroom program for more than 15 years. He was also a contributor to the online program’s Tax course and Investment course where he wrote and edited curriculum. Currently, he is an instructor for Northeastern University’s graduate program, teaching accounting, finance, and economic courses. He has been adjunct faculty for Northeastern University since 1996.
Bill previously taught tax planning and case analysis for the BU/Kaplan Review. He also taught financial planning courses for Merrimack College and Northeastern University, and at financial service firms, such as John Hancock, American Express, PNC Bank, Fidelity Investments, Merrill Lynch, and Eastern Bank. He has also taught financial planning and retirement planning to employees of Pepsi, Shaws Supermarkets, Exelon,and Northern Trust Bank, as well.
In addition to being a CFP® professional, a CFA charter holder, and an Enrolled Agent (EA), Bill also has anMBA with a specialization in Finance. Upon completion of his degree, he was inducted into Beta Gamma Sigma, a national honor society for business students. Bill is a member of the Financial Planning Association (FPA), the National Association of Enrolled Agents (NAEA), the CFA Institute, the Boston Security Analysts Society (BSAS), and was one of the founding members of the Boston Area Alumni Chapter of Beta Gamma Sigma.