Watch AALU's Legislative Update LIVE from 6/23/09!
Register now for AALU IMPACT, October 5 - 6 in Washington, DC
IMPACT, AALU's landmark's political training seminar, is held three times a year. AALU members, along with industry partners, discuss and debate the political challenges that face the life insurance industry, and how important it is for every AALU member to be involved. First time attendees will be reimbursed for travel and hotel costs. Our next IMPACT will be on October 5 & 6, 2009 in Washington, DC at the Liaison Hotel on Capitol Hill. The program will begin at 12 pm on Monday, October 5th and conclude the following day at 12 pm on Tuesday, October 6th. Following the IMPACT meeting on Tuesday, AALU members will have an opportunity to visit with their Member of Congress. To register for IMPACT, please CLICK HERE, or contact Brendan Gleason at gleason@aalu.org for more information.
AALU Advanced Market Concepts: Presents Two Summer Webinars
NQP Webinar
Wednesday, July 22, 2:00 PM Eastern
Practical Nonqualified Plan Design: The NQDC Landscape and Plan Design that Best Serves Your Clients
Get a Complete Overview of Practical NQDC Plans – from timing and communication issues to reporting requirements and plan documentation
BIEP Webinar
Wednesday, August 5, 2:00 PM Eastern
Beyond the Exemption Level and Rate: Upcoming Legislative Changes to the Estate Planning Marketplace
CLICK HERE FOR MORE INFORMATION
Visit the AALU Newsroom for all the lastest on AALU!
Read all the latest on AALU; from archived CEO and Presidents Messages, to articles from the General Media of interest to AALU members, to video clips from our 2009 Annual Meeting, it’s all available here in the AALU newsroom!
Are you leveraging AALU’s number one benefit? Watch now!
Getting involved politically is good for business! Watch Now!
Visit our New Financial Literacy Website and Get Involved!
AALU has constructed a comprehensive website that allows its members to rollout a financial literacy class in their communities, foster insurance literacy and political advocacy between our members and their lawmakers, and forge a relationship with industry allies. Visit our new website at www.aalu.org/financialliteracy and get involved!
Membership in AALU is like an insurance policy. It provides protection against a host of threats to our products. We have a positive story to tell legislators, many of whom misunderstand what you do and the products you sell. Membership in AALU is a smart business decision.
Join AALU and you’ll benefit from associating with an elite group of sophisticated financial advisors. If your market is estate or business planning, executive compensation or other advanced uses of life insurance, AALU is your association.
AALU Bulletin No. 09-77
The Internal Revenue Service has been assessing significant penalties (reaching $300,000 per annum in some cases) under Code section 6707A for failure to report listed transactions (specific Revenue Service designated types of tax shelters). These assessments are causing significant financial hardships (including bankruptcy) for the affected taxpayers. In many cases, the penalties are particularly draconian. For example, they are being assessed in situations where it is not clear that the underlying transaction is, in fact, a listed transaction and where the amount of the tax benefits received by the taxpayers from entering into the transaction (e.g. the tax benefit of a $5,000 deduction) is nominal or significantly below the amount of the penalty assessed. In addition, these penalty assessments are being fast-tracked by the IRS and, by statute, cannot be judicially reviewed. The Service has indicated informally that its "hands are tied" and it must enforce Section 6707A, which does not provide it with any discretion to reduce a penalty for reasonable cause. In response, a number of Senators and Members of Congress have introduced identical proposed remedial legislation (S. 765 and H.R. 2143), and a bi-cameral, bi-partisan group in Congress has sent a letter to IRS Commissioner Douglas Shulman requesting the Service to suspend a major portion of its efforts to collect the section 6707A penalties.
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