Corporate-Owned Life Insurance: Mastering the New Accounting Policies

How to Implement FASB Issues 06-4 and 06-5

Recording of a 100-minute CPE webinar with Q&A


Conducted on Thursday, October 25, 2007

Program Materials

Description

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 that holds 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.

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Benefits

The panel will bottom-line the FASB consensus papers and related guidance and suggests 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.

Faculty

Lee Nunn
Lee Nunn
Senior Vice President, Employee Benefits Practice
AON

He focuses on tax and accounting issues with nonqualified benefit plans. He chairs the Nonqualified Plans Committee and...  |  Read More

Stephen Whipple
Stephen Whipple
Executive Vice President
Benmark

He is an expert in tax planning issues for Benmark, which is a nationwide network of consultants on bank-owned life...  |  Read More

Chris Rich
Chris Rich
Managing Director, Boston Office
Retirement Capital Group

He is a CPA, CFP, CLU and Licensed Insurance Advisor. He previously was a Senior Vice President at Clark Consulting and...  |  Read More