Tax & Accounting Blog

Self-Insurance Arrangements – Relief from IRC Section 6050W Requirements

Self-Insurance Arrangements – Relief from IRC Section 6050W Requirements

Notice 2011-78 provides relief to insurance companies administering certain self-insurance arrangements from information reporting obligations under Section 6050W of the Internal Revenue Code. Under the self-insurance circumstances identified in Notice 2011-78, an insurance company will not be treated as a third-party settlement organization with Form 1099-K reporting responsibility. Insurance companies may rely on the Notice until the Regulations … Read More

States Heighten Investigation of Unclaimed Property

States Heighten Investigation of Unclaimed Property

According to an article in LifeHealthPro, in June 2011, California found insurance companies using the death master file only to terminate annuity policies with living benefits features, and not in finding beneficiaries of holders of life insurance policies that had died. A few weeks later, New York began investigating these policies too. Since then, Eric … Read More

2011 Sarbanes-Oxley Compliance Survey  Reveals Automation is the ‘Last Frontier’

2011 Sarbanes-Oxley Compliance Survey Reveals Automation is the ‘Last Frontier’

2011 Sarbanes-Oxley Compliance Survey According to results from  Protiviti’s 2011 Sarbanes-Oxley Compliance Survey, one in three – about 35% – of organizations across the U.S. have plans to automate more compliance controls and address risk management.  The survey benchmarks compliance strategies that organizations take with regard to cost, time and effort. Results revealed automation as likely being the ‘last frontier’ of process improvement … Read More