Insurance and Tax Developments in Response to the Coronavirus Pandemic

The COVID-19 crisis has presented numerous insurance, tax, and public policy challenges. The need is especially great for those practicing in the insurance and tax industries to be armed with the latest information on insurance tax developments, compliance changes, and new regulations to help clients during these unprecedented times. At the Federal Bar Association’s Virtual Insurance Tax Seminar on May 27–29, 2020, panelists will provide trusted analysis of insurance tax policy developments to better inform attorneys, industry tax professionals, consultants, and IRS representatives during this environment of uncertainty. Register now at fedbar.org/event/instax20.

This seminar offers a multidisciplinary approach and discussion of important insurance tax policy developments in a time of pandemic. This series will cover a range of COVID-19 topics and offer a flexible registration package in which attendees can register for two, four, or six sessions. The FBA Section on Taxation is facilitating this critical dialogue between the insurance industry and government sector professionals, covering viewpoints on myriad insurance company, insurance product, international, and other relevant insurance tax topics.

Panelists will address life, property and casualty, and health insurance changes due to the coronavirus outbreak. Each panel at the Virtual Insurance Tax Seminar will provide important insurance, tax, and accounting information in order to help you help your clients evaluate ways to mitigate the effects of the COVID-19 pandemic.

Panels will provide both micro and macro analysis of the latest COVID-19 insurance, tax, and economic relief plans in the U.S. and around the world. As the pandemic will likely disrupt underwriting, claims, investments, property and casualty insurance companies, and actuarial functions, this seminar features a variety of global insurance and tax professionals.

“COVID-19 Pandemic: Relevant Tax Legislation and Other Considerations for Insurers” is a panel that will explore in detail corporate and individual tax provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and other coronavirus legislative proposals that impact the insurance industry. The panel will consider the impact of corporate tax provisions of the CARES Act, including, among other things, the new carryback rules and the changes to section 163(j).  The panel will also discuss individual provisions of interest to the insurance industry, such as the retirement changes. Finally, the panel will consider pending law changes that may be included in future legislation.

The coronavirus crisis is a global pandemic affecting international law. Therefore, the panel on “International Tax Issues” will provide an overview of the latest U.S. international tax developments relevant to global insurance and reinsurance companies. Panelists will discuss the tax implications of the CARES Act, including the interplay of the expanded net operating losses carryback provisions with the U.S. international tax rules (covering FTCs, the Section 250 deduction and GILTI). The panel also will discuss the tax implications of COVID-19 travel restrictions and will examine recent U.S. tax legislative updates, including with respect to BEAT, PFICs, Section 954(i), and Section 807 reserves.

Join the FBA for an in-depth seminar on industry tax issues, globalization, and insurance products designed to cut through the complexity of new coronavirus-related laws and policies. We invite you to register now at fedbar.org/event/instax20 for the Virtual Insurance Tax Seminar.

 

About the Author

Stacy Slotnick, Esq. holds a J.D., cum laude, from Touro Law Center and a B.A., summa cum laude, from the University of Massachusetts Amherst. She performs a broad range of duties as an entertainment lawyer, including drafting and negotiating contracts; addressing and litigating trademark, copyright, patent, and other IP issues; and directing the strategy and implementation of public relations, blogging, and social media campaigns.

About the FBA

Founded in 1920, the Federal Bar Association is dedicated to the advancement of the science of jurisprudence and to promoting the welfare, interests, education, and professional development of all attorneys involved in federal law. Our more than 16,000 members run the gamut of federal practice: attorneys practicing in small to large legal firms, attorneys in corporations and federal agencies, and members of the judiciary. The FBA is the catalyst for communication between the bar and the bench, as well as the private and public sectors. Visit us at fedbar.org to learn more.