Insurance Tax
Davis & Harman LLP advises clients on a wide variety of federal income tax and related matters affecting life insurance companies and the products they issue. Located in our nation’s capital, we have been thoroughly involved in the development of many of the federal income tax rules relating to life insurance, annuity, long-term care, and other products that life insurance companies provide, as well as the rules governing the federal income taxation of the companies themselves. Our proximity to – and involvement in – the federal legislative and regulatory processes give our attorneys keen insight into how the relevant tax laws developed, currently apply, and may change in the future.
Our services include advising clients on technical compliance with the federal income tax rules governing life insurance, annuities, and long-term care insurance products they issue, including products offered in the qualified plan and IRA markets, whether during the design stage for new and innovative products or during the administration of existing products to ensure ongoing compliance. We also advise clients on products issued in special or limited markets, such as variable contracts, COLI, experience rating designs, and split dollar life insurance arrangements. Our clients often turn to us for advice on how the information reporting and withholding requirements apply to life insurance companies and the products they issue. We also regularly assist insurers with obtaining private letter rulings on innovative design issues and we help our clients identify when compliance errors have occurred and represent them before the IRS when seeking to remedy those errors.
A significant portion of our practice involves direct interaction with the Treasury Department, the IRS, the Department of Labor, and Congress on behalf of our clients. We regularly advocate our clients’ views on federal income tax issues affecting their life insurance, annuity, and long-term care insurance businesses, including commenting on proposed regulations, requesting other forms of favorable guidance, seeking modifications of government positions that are adverse to our clients’ interests, and lobbying for or against legislative initiatives. Our clients also rely on our attorneys to monitor and keep them informed of regulatory and legislative developments in Washington affecting their businesses.
Our distinctive blend of thorough knowledge of the technical aspects of federal tax law, extensive experience with the governing regulatory agencies, and regular and effective involvement in the federal legislative process makes Davis & Harman LLP uniquely situated to serve our clients’ needs. As a result, clients ranging from the largest and most well-respected financial institutions in the world to smaller, single-state enterprises turn to Davis & Harman LLP for advice on federal income tax and related matters affecting their businesses. Those clients include individual companies as well as ad hoc and formal coalitions of life insurance companies, including the Committee of Annuity Insurers, a coalition representing approximately 80% of the annuity business in the United States.
Explore our wide range of legal and advocacy services tailored to meet our clients’ objectives.
