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1 min read

NAIFA Joins Main Street Employers Urging Congress to Reconsider Tax Proposals

By NAIFA on 9/15/21 12:01 PM

In advance of the Ways and Means Committee mark-up, NAIFA signed a letter with more than 100 other organizations representing Main Street employers asking Congress to reject proposed tax increases that would harm these businesses and the consumers they serve.

Topics: Legislative & Regulatory Tax Federal Advocacy
2 min read

NAIFA Works to Preserve Tax Deduction for Pass-Through Businesses

By NAIFA on 6/22/21 5:17 PM

As the leading advocacy association for insurance and financial services professionals, NAIFA continues to work with policymakers at the federal and state levels on efforts to bolster American businesses. Most recently, NAIFA is one of only three insurance-related associations (along with the Independent Insurance Agents and Brokers of America and the National Association of Professional Insurance Agents) to sign onto a letter sent to key members of the Senate and House of Representatives urging Congress to maintain the 20% deduction for qualified business income under Section 199A of the federal tax code.

Topics: Tax Federal Advocacy
1 min read

New CBO Report Offers Insights on Estate and Gift Taxes

By NAIFA on 6/18/21 4:54 PM

A new report by the Congressional Budget Office provides a guide to understanding federal estate and gift taxes. These taxes affect only a small number of taxpayers (of 2.7 million Americans who died in 2016 only 5,500 left taxable estates, and in 2018 only 2,000 people paid gift taxes), but they may consider in planning for financial professionals working with affluent families or business owners. In 2021, estate values above an $11.7 million exemption are taxed at a 40% rate. “The same threshold and tax rate apply to gift taxes,” the report says.

Topics: estate planning Tax Federal Advocacy
4 min read

NAIFA-CO Shows Advocacy Influence Throughout an Intense Legislative Session

By NAIFA on 6/18/21 3:46 PM

The First Regular Session of Colorado’s 73rd General Assembly ended Tuesday, June 8, 2021. The legislature introduced 627 pieces of legislation and 80% of those introduced bills passed and will be up for action by the Governor.

NAIFA-CO was very busy this session beginning with hosting a virtual Lobby Day for legislators featuring Securities Commissioner Tung Chang and the Division of Insurance, Deputy Director Kate Harris. NAIFA-CO finished out the legislative session testifying and advocating on numerous bills. In total, NAIFA monitored and actively worked on 24 pieces of legislation.

Topics: Tax State Advocacy
1 min read

The IRS Will Correct Confusing Guidance on Stretch IRAs and the SECURE Act

By Judi Carsrud on 4/26/21 4:03 PM

The SECURE Act, enacted in December 2019, changes the rules for certain inherited retirement accounts whose original owners died after Dec. 31, 2019. Under the new rule, many heirs to IRAs and 401(k) accounts will have to fully distribute the funds from their inherited accounts (and pay income tax on the distributions) within 10 years of the original owner’s death. The rule does not apply to surviving spouses, minor children, heirs who are disabled or chronically ill, and heirs who are within 10 years of the age of the decedent.

Topics: Legislative & Regulatory Tax Retirement Plans
1 min read

Financial Transaction Tax Introduced in New Jersey

By NAIFA on 9/21/20 11:55 AM

The insurance industry in New Jersey faced a scare in mid-September when Senate President Steve Sweeney introduced S-2902, which would impose a tax on high-quantity processors of financial transactions at $0.0025 per transaction. The bill defines "high-quantity" as processors of 10,000 or more financial transactions through electronic infrastructure located in New Jersey during the year. There was speculation the funding mechanism would be attached to the state budget. Fortunately, the state budget was approved, and the transaction tax was not included.

Topics: Tax State Advocacy
3 min read

NAIFA Webinar:  COVID-19 Executive Actions in August

By NAIFA on 8/28/20 10:39 AM

View the Webinar On-Demand

Topics: Advocacy Tax COVID-19
1 min read

NAIFA-CO Sees Big Win on Proposal to Expand Annuity Taxes

By NAIFA on 6/16/20 11:24 AM

When Colorado legislators on June 8 introduced changes to the state’s tax laws that would impact insurance companies, consumers, and retirement savers, NAIFA’s state advocacy team sprang to action. The original version of the “Adjust Tax Expenditures For State Education Fund Act” (HB20-1420) would have expanded the state’s tax on some insurance premiums to include a broader range of annuity products. It also would have removed a credit applied to existing premium taxes for insurance companies that maintain home offices in Colorado.

Topics: Annuities Retirement Tax State Advocacy Colorado

IRS Webinar to Answer COVID-19 Tax Questions

By NAIFA on 4/22/20 4:31 PM

An Internal Revenue Service (IRS) webinar tomorrow will provide a forum for taxpayers to ask IRS officials questions about relief payments due to taxpayers under the CARES Act and other COVID-19-related tax matters. The webinar is open to everyone and will be of particular interest to small business owners, individuals, veterans, and Social Security recipients.

Topics: small business Tax

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