Treasury Department

SECURE Act Floor Action / Ambassadors in Action with Sens. Scott and Cornyn / DOL Rule

Topics: Advisor Standard of Care, Congress, DOL, IRS, Regulation, Retirement security, SEC, Treasury Department

May 17, 2019 This Week in Washington We learned yesterday that the full House of Representatives will vote on the SECURE Act (H.R. 1994) next week. AALU’s Capitol Hill Club Day during TRANSFORM 2019 played a key role in driving this legislation forward. Ambassador in Action During TRANFORM 2019, Ambassadors met with Sens. Tim Scott...

Client Piece – Transfer for Value

Topics: IRS, Regulation, Treasury Department

The Details – Courtesy of Ken Kies, Federal Policy Group The Code generally excludes death benefits from being treated as taxable income.1 However, there is a general exception to this exclusion for death benefits paid on contracts that were transferred for “valuable consideration.”2 This “transfer for value” rule (“TFV Rule”) generally applies to any “transfer”…

Re: CC:PA:LPD:PR (REG-103083-18)/Proposed Reportable Policy Sale Regulations (REG-103083-18) (“Proposed Reportable Policy Sale Regulations”)

Topics: IRS, Regulation, Treasury Department

May 9, 2019 Via: Federal eRulemaking Portal: www.regulations.gov (REG-103083-18) The Honorable Steven Mnuchin Secretary of the Treasury U.S. Department of the Treasury 1500 Pennsylvania Avenue, N.W. Washington, D.C. 20220 The Honorable Charles Rettig Commissioner Internal Revenue Service 1111 Constitution Avenue, N.W. Washington, D.C. 20224 CC: PA:LPD:PR (REG-103083-18) Room 5203 Internal Revenue Service P.O. Box 7604…

Retirement bills on the move; Who in Congress worked in Life Insurance; NY Best Interest Rule; Ambassadors in Action; Exec Comp Tax

Topics: Advisor standard of conduct, Congress, IRS, Regulation, Retirement security, Treasury Department

April 5, 2019 Retirement Bills on the Move Late last Friday, Ways and Means Committee Chairman Richie Neal (D-MA), Ranking Member Kevin Brady (R-TX), Rep. Ron Kind (D-WI), and Rep. Mike Kelly (R-PA), introduced the Setting Every Community Up for Retirement Enhancement Act (SECURE Act / H.R. 1994). The SECURE Act builds on legislation AALU…

Impact of Final Treasury Department Section 199A Regulations on Availability of Passthrough Deduction for Life Insurance Professionals

Topics: 199A, Regulation, Tax reform, Treasury Department

WRNewswire: The 199A Deduction Series Impact of Final Treasury Department Section 199A Regulations on Availability of Passthrough Deduction for Life Insurance Professionals Favorable results for commission-based life insurance sales This WRNewswire was created exclusively for AALU members by Ken Kies, Managing Director, Federal Policy Group and AALU outside tax counsel. January 30, 2019 …

In This Week’s Tax News – 18.03.02

Topics: Congress, IRS, Regulation, Tax reform, Treasury Department

By Chris Morton, Armstrong Robinson, David Hollingsworth, and Jason Martinez Friday, 2 March 2018 This week David Kautter, the acting IRS Commissioner and Assistant Secretary for Tax Policy at the Treasury Department, said tax rules for pass-throughs might not be ready until early fall. He did say an initial notice could be released earlier that…

In This Week’s Tax News – 18.02.16

Topics: Congress, IRS, Regulation, Tax reform, Treasury Department

By Chris Morton, Armstrong Robinson, David Hollingsworth, and Jason Martinez Friday, 16 February 2018 Washington has produced three significant tax laws in the last sixty days (TCJA, ACA Tax Delay, Extenders/Orphans). The outlook for additional tax legislation this year is not clear, but even the congressional tax writers would not have predicted this pace at…

Proposed IRC §2704 Valuation Rules for Family Entities Included in Treasury’s Review of Regs that May Impose Undue Taxpayer Burden

Topics: Regulation, Treasury Department

Presidential Executive Order 13789 instructs the Treasury Department to identify significant tax regulations that (i) may impose an undue financial burden on U.S. taxpayers; (ii) add undue complexity to federal tax laws; or (iii) exceed the IRS’s statutory authority. Notice 2017-38 has identified eight such regulations for review, including the proposed regulations under IRC §2704,…

Hot Off the Press- Proposed Regulations on Basis Consistency and Information Reporting for Estate Fiduciaries – New Rules, New Headaches.

Topics: Fiduciary, IRS, Regulation, Treasury Department

The WRMarketplace is created exclusively for AALU members by the AALU staff and Greenberg Traurig, one of the nation’s leading tax and wealth management law firms. The WRMarketplace provides deep insight into trends and events impacting the use of life insurance products, including key take-aways, for AALU members, clients and advisors. The AALU WRNewswire and…