Friday, 10 August 2018 The Treasury Department released guidance, previewed yesterday in AALU’s Newswire, earlier this week concerning the 199A deduction for pass-through business owners created last year by the Tax Cuts and Jobs Act (TCJA). While details from the 184-page proposal continue to be reported in the press, clarification is expected on multiple lingering…
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The AALU Library gives you access to all your premium content. With all the best information organized in one place and searchable, it has never been easier to find the information to help you maximize your business. From deeper dives into diverse topics with our Washington Report Marketplaces to issue one-pagers and webinars featuring industry leaders with decades of experience, the AALU Library is your one-stop-shop for policy and professional updates.On April 18th, the Securities and Exchange Commission (SEC) issued a standard of care proposal for broker-dealers and investment advisors that aims to reform the way that financial professionals serve retail investors for the sale of variable life and annuity products. The comment period ended August 7th, and AALU provided comments along with many of…
Treasury released proposed regulations on the Section 199A deduction for pass-through business owners created in the Tax Cuts and Jobs Act. AALU is currently analyzing the 184 pages of proposed regulations. We will provide follow-up analysis and information. H.R. 1 created a 20% deduction on qualified business income for owners of “pass-through businesses,” where income…
Friday, 03 August 2018 A vote on the nomination of Judge Brett Kavanaugh to the Supreme Court could be pushed back to October according to Senate Judiciary Chairman Chuck Grassley (R-IA). Both parties have requested a massive trove of records from Kavanaugh’s time in the White House under President George W. Bush, which could slow…
As creators (“grantors”) of irrevocable grantor trusts must pay the trusts’ annual income taxes without receiving any trust benefits, advisors typically suggest incorporating a tax reimbursement power that gives the trust flexibility to reimburse the grantor for the tax payment. Despite their prevalence, however, tax reimbursement powers must be crafted and used with care, not…
Friday, 27 July 2018 Breaking this morning, the federal government announced that second quarter GDP grew at 4.1%. Ways & Means Chairman Kevin Brady (R-TX) began vetting his Tax Reform 2.0 plan with his colleagues in the House Republican Conference. His rollout was light on details and accordingly met with a lot of questions. The…
Join us Wednesday, July 25th at 11am ET as Brad Campbell, our counsel at Drinker Biddle, breaks down the final best interest rule issued by New York State on July 18th. As expected, the final rule applies to both life insurance and annuity products, including some in-force life insurance policies. Brad will describe the final…
Friday, 20 July 2018 House Republican leaders met with President Trump at the White House this week to discuss Tax Reform 2.0, with Ways and Means Chairman Kevin Brady (R-TX) predicting a House vote on a second round of tax cuts in September. Chairman Brady plans to release more detail next week. A special meeting…
New York State Releases Final Best Interest Regulation
Topics: Advisor/Producer Standard of Conduct, Best interest, Regulation
Yesterday afternoon, the New York Department of Financial Services issued a final best interest rule. As expected, the final rule applies to both life insurance and annuity products, including in-force life insurance policies. While there were positive changes to the rule—for example, it limits the scope on in-force policies to transactions generating new sales compensation—it…
As part of our consistent effort to bring AALU Members world class service and tools, we are deploying a number of technology upgrades including the new website that you are currently enjoying. Over the course of the next year we have plans to enhance your content quality and choices. Doing so requires that we enhance…