Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Reading time: 1 minute 5 seconds On December 22, 2017, the Tax Cuts and Jobs Act was enacted, reducing the federal income tax … Continued
When it comes to life, business or sports the formula for success includes minimizing risk. Identifying, managing and resolving risk is essential whether selecting a career, investing in a business opportunity or choosing a new business partner. The same applies to managing risk at an insurance company.
Financial reporting for insurance companies can often be complex and confusing. In 2017, the NAIC continued making changes to statutory accounting principles.
As a California insurer, knowing what your producers charge policyholders, particularly in an agency relationship, can be critical to avoiding penalties for underreported premium tax. To help insurers avoid this mistake, JLK Rosenberger has provided explanation and guidance below.
Final approval of the Tax Cuts and Jobs Act occurred as predicted in December 2017. A key component of the new tax rules include the elimination after 2018 of the individual taxpayer mandate that imposed a penalty on taxpayers that do not purchase insurance under the requirements of the Affordable Care Act (“ACA” or “Obamacare”).
On February 1, 2017 the Insurance Entities Revenue Recognition Task Force (of which JLK Rosenberger is a member) issued “Working Draft: Accounting for Third Party Extended Warranty Contracts (Applicable to Non-Insurance Entities) – Revenue Recognition Implementation Issue #9-3 – Accounting for third-party extended service warranty contracts within the scope of FASB ASC 606.
The SAPWG meeting was brief and to the point, and the Exposure Draft of INT-2018-02, Tax Act Estimates was adopted with minor amendments and suggestions of interested parties. The main take away is that SSAP No. 9 – Subsequent Events is suspended with respect to the Tax Cuts and Jobs Act (the Act) from treated as a Type I…
There is a widespread misunderstanding that embezzlements are large scale losses that are quickly caught and indicted. The fact is, the most damaging occurrences involve small amounts of money repeatedly filched over many years, making it difficult to detect, but that lead to large losses.
With the advance of communication and technology platforms, the competitive global environment creates the opportunity, and many times the need, for companies to explore and create other potential revenue generating or administrative support sources.
The NAIC Investment Risk-Based Capital Working Group (IRBC-WG), in conjunction with the American Academy of Actuaries, has been carefully waging a proposal to assess the current RBC levels to expand the detail levels of the current NAIC RBC C-1 assessment … Continued