Posts by Bill Hoisington

TAX DEVELOPMENTS Brady Releases Tax, Oversight Legislation On November 26, House Ways and Means Committee Chairman Kevin Brady released a tax bill that included various retirement and other savings enhancements, legislation to redesign the IRS, and temporary tax relief for victims of certain natural disasters. The package also addresses tax extenders and includes some technical…

h4>REGULATORY DEVELOPMENTS IRS Releases Guidance on Uniform Mortgage-Backed Securities for Purposes of § 817(h) On October 16, the IRS released an advanced version of Revenue Procedure 2018-54, which provides guidance and procedural rules that allow taxpayers (i.e., issuers of variable contracts in this case) to elect to utilize a “deemed-issuer ratio” for “generic GSE securities”…

JUDICIAL DEVELOPMENTS COI Litigation Update – John Hancock Proposed Class Action Settlement Last month, we covered a proposed class action settlement involving John Hancock in the California Superior Courts (Barbara Larson vs. John Hancock Life Insurance Company). We have since learned of another class action lawsuit against John Hancock (“37 Besen Parkway”) that is pending…

TAX DEVELOPMENTS House Ways and Means Chairman Brady Release Tax Reform 2.0 Framework On July 24, House Ways and Means Committee Chairman Kevin Brady (R-TX) released a listening session framework for “Tax Reform 2.0.” The framework identifies a handful of priorities, including making the individual and small business tax cuts permanent, increasing tax incentives for…