Deloitte has launched additional features to its tax reform navigator tool that enhance how companies analyse and plan for existing and custom tax reform proposals.
Debuted in July 2017, the tax reform navigator is a web-based solution that, in tandem with Deloitte’s tax reform advisory services, uses actual and projected financial data to provide a holistic view of how potential tax reform proposals are likely to impact a company.
Insurance companies can accommodate scenarios involving changes to capitalization rates for deferred acquisition costs, changes to discount rates for computing life insurance reserves, modifications to the life proration rules, modifications to the separate account dividends received deduction, and proposed changes to the treatment of affiliated reinsurance.
This customized module is based on the 1120-L tax return to address the unique taxation of life insurance companies and incorporate certain proposed tax legislation changes specific to the life insurance industry.
Partner and national leader of tax reform advisory services at Deloitte Tax LLP, Terri LaRae, said: “Amid the evolving outlook on tax reform, we continue to enhance our Tax Reform Navigator so that businesses have the confidence to make informed decisions. We strive to stay at the forefront of tax reform issues to prepare companies during these dynamic and uncertain times.”
An upcoming enhancement will include additional dashboards and at-a-glance reports illustrating the potential impact of tax reform on a particular taxpayer by using appropriate tax planning options as suggested by Deloitte’s tax reform advisory professionals.