Posts by Bill Hoisington

LEGISLATIVE DEVELOPMENTS Economic Growth, Regulatory Relief, and Consumer Protection Act Signed into Law On May 22 the House passed the wide-ranging financial regulatory bill called the Economic Growth, Regulatory Relief, and Consumer Protection Act. This version of the legislation is unchanged compared to the bill that was passed by the Senate (S. 2155) on March…

TAX DEVELOPMENTS IRS Notice Regarding Information for Certain Life Insurance Contract Transactions On April 26, the IRS released Notice 2018-41, describing the new information reporting requirements for certain life insurance contracts under new IRC § 6050Y, which was added by the Tax Cuts and Jobs Act (TCJA).  The new reporting requirements apply to reportable death…

LEGISLATIVE DEVELOPMENTS Economic Growth, Regulatory Relief, and Consumer Protection Act Passes Senate On March 14, the Senate passed a wide-ranging financial regulatory bill (S. 2155) with significant bi-partisan support. Members of the House have indicated their intention to propose a series of amendments to the bill. It remains unclear if a revised version of the…

TAX DEVELOPMENTS IRS Priority Guidance Plan – Initial Implementation of Tax Cuts and Jobs Act On February 7, the IRS released an updated 2017-2018 Priority Guidance Plan. The plan reflects projects that the IRS hopes to complete during the twelve-month period from July 1, 2017 through June 30, 2018. The updated plan includes an initial…

TAX DEVELOPMENTS Interagency Statement on Accounting and Reporting Implications of the New Tax Law On January 18, the banking regulators released an interagency statement on the accounting and reporting implications of the newly enacted tax law (the “Act”). The statement briefly described the Act’s impact on Deferred Tax Assets (DTAs) and Deferred Tax Liabilities (DTLs), noting…

TAX DEVELOPMENTS Implications of Tax Cuts and Jobs Act (TCJA) for BOLI/COLI On December 22, President Trump signed into law the “Tax Cuts and Jobs Act” (TCJA). The implications of the TCJA are, of course, wide reaching for businesses. In this LRA update, we highlight several potential implications for BOLI/COLI. We will be publishing more…