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Republican Retirements: Blue Wave, Red Tide, or status quo?

Nineteen Republican Members of the House of Representatives have announced their retirements from Congress this year. While this sounds consequential and has raised alarm bells in the media, these retirements likely do not signal serious changes to come in the party make up in the House. Not every retirement is the same, but we do...

Information for Clients: Impact of Final Regulations on Reportable Policy Sales in the COLI/BOLI Marketplace

Topics: COLI/BOLI

The Tax Cuts and Jobs Act of 2017 (the “TCJA”) modified the prior-law exemptions of the Transfer for Value Rules (“TFV Rules”) to include new Reportable Policy Sale (“RPS”) requirements that apply to all transfers for valuable consideration. This rulemaking has important implications for the company-owned life insurance (“COLI”) and bank-owned life insurance (“BOLI”) marketplaces…

Committees of Jurisdiction: House Committee on Financial Services

The House Committee on Financial Services was originally formed on December 11th, 1865, as the Banking and Currency Committee, to relieve the House Ways and Means Committee of part of its workload. The Committee’s jurisdiction in the early days included oversight of national banks and bank loans, authorization of bond issues, and investigations of failed…

Stack Business and Charitable Deductions for Maximum Savings

The Pass-Through Income Deduction under Code Section 199A (“199A Deduction”), allows taxpayers to deduct up to 20% of their pass-through business income. However, the deduction is either eliminated or limited when a taxpayer’s taxable income exceeds certain thresholds. Despite this limitation, charitably inclined high earners can stack tax savings by strategically making charitable gifts to…

State + Federal Regulatory Links

Regulatory Chart – Links + Articles – July 2019 SEC Summary: Drinker: Read here Text: SEC Standard of Conduct Rule – Fiduciary Rule SEC Standard of Conduct Rule – Reg BI SEC Standard of Conduct Rule – Solely Incidental Fact Sheet: https://www.sec.gov/news/press-release/2019-89 Clayton Statement: https://www.sec.gov/news/public-statement/statement-clayton-060519-iabd NAIC Summary: https://insurancenewsnet.com/innarticle/iowa-proposes-naic-annuity-standard-that-eclipses-suitability#.XScuXC2ZP-Y Text: http://ncoil.org/wp-content/uploads/2019/03/NAIC-Annuity-Suitability-Amendments.pdf NY Summary: https://gallery.mailchimp.com/70dcb8cac70b41a6005c6feb6/files/4df6ab0b-453e-4e1b-a8fc-7800516d157d/2019_04_04_NY_187_Summary_and_Checklist.pdf?utm_source=AALU+Decoding+D.C.+Subscribers&utm_campaign=5be6d91597-EMAIL_CAMPAIGN_2017_08_21_COPY_01&utm_medium=email&utm_term=0_6afbc67437-5be6d91597-788561 Text: https://www.dfs.ny.gov/docs/insurance/r_finala/2018/rf187a1txt.pdf…