CD of Teleconference with Q&A
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Accounting Teleconference Advisory Board
Companies invest in life insurance products to protect from the loss of a key executive, enrich an executive's compensation package, and even to help finance benefit plans. However, these investments trigger complex accounting and tax issues, such as when to recognize the benefits and liabilities.
Recently, FASB released two consensus documents, Issue No. 06-4 and Issue No. 06-5, which describe when companies should recognize future death-benefit obligations with split-dollar arrangements and how much to declare on amounts to be realized from a corporate-owned life insurance product.
However, the IRS has muddied the waters for accounting firms and their clients yet again with a letter ruling holding that employees face tax liability on their shares of split-dollar benefits.
Listen as our panel of seasoned accounting professionals and expert consultants provides you with their perspectives on the new guidance and how to prepare your staff and your clients to adapt to the new issues.
Our panel included:
Lee Nunn, Senior Vice President, Employee Benefits Practice, AON Corp., Atlanta. He focuses on tax and accounting issues with nonqualified benefit plans. He chairs the Nonqualified Plans Committee and Accounting Task Force of the Association of Advanced Life Underwriters.
Stephen Whipple, Executive Vice President, Benmark Inc., Atlanta. Steve is an expert in tax planning issues for Benmark, which is a nationwide network of consultants on bank-owned life insurance planning. He has worked at the firm since 1994.
Chris Rich, Managing Director, Boston Office, Retirement Capital Group Inc., Newton, Mass. He is a CPA, CFP, CLU and Licensed Insurance Advisor. He previously was a Senior Vice President at Clark Consulting and a Tax Partner with Ernst & Young.
The panel bottom lined the FASB consensus papers and related guidance and suggested practical solutions for:
- Helping clients set up a transitional risk-management review of their split-dollar and other life insurance products.
- Ensuring that client management is fully aware of all key changes in accounting and tax policy - and the full extent of the impact.
- Preparing your clients to understand - and act on - the new approach for life insurance investments.
- Evaluating the benefit of corporate owned life insurance for executives who may face unexpected tax liability.
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TELECONFERENCE CD
Purchase a CD-ROM of the full conference proceedings, including Q&A and PDF files of all handouts (available 10 days after the program).
- Regular Price - $247
- With Teleconference Registration - an additional $75 (plus $9.45 S&H)
Self-study CPE is not offered on CD purchases.
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