NEWS RELEASE – FOR IMMEDIATE RELEASE Contact: Brianne Spellane Senior Director, Communications & Content Strategy 202.662.4303 brianne.spellane@ciab.com IRS Excludes Non-Cash Value Premiums from FATCA after Ongoing Advocacy Efforts from The Council
The U.S. Treasury issued regulations on December 13 excluding non-cash value property/casualty insurance premiums from regulations implementing the Foreign Account Tax Compliance Act (FACTA).
Another busy week for our dynamic government affairs duo, with lots of press given to the Senate GOP’s tax bill, which now includes a repeal of the ACA’s individual mandate.
Preserving the employer market, Sen. Tim Scott on FATCA, and more in this week’s Council Brief.
The latest from the Council on AHCA, Flood, FATCA, and more from May 30, 2017.
FATCA Clarification Bill Introduced by The Council’s Government Affairs Team H.R. 6159 was introduced this week by U.S. Reps. John Larson (D-CT) and Ed Royce (R-CA). The legislation is a critical step
The Council of Insurance Agents & Brokers applauded H.R. 6159, introduced today by Reps. John Larson and Ed Royce. The legislation is a critical step to clarifying that property/casualty insurance premiums are irrelevant to tax evasion and should not be included as part of the Foreign Account Tax Compliance Act (FATCA). If signed into law, the bill would ease a projected $500 million compliance burden that does nothing to further FATCA’s goals to combat tax evasion.
The Council applauded today the introduction of H.R.6159. The legislation is a critical step to clarifying that property/casualty insurance premiums are irrelevant to tax evasion and should not be included as part of the Foreign Account Tax Compliance Act (FATCA). If signed into law, the bill would ease a projected $500 million compliance burden that does nothing to further FATCA’s goals to combat tax evasion.
