National Association of Insurance and Financial Advisors

Tax Reform/Cuts “Part 2” Framework Released by House GOP Tax Writers

August 15, 2018

On July 24, House Ways & Means Committee Chairman Rep. Kevin Brady (R-TX), with the support of his committee’s Republican members, released a “listening session framework” for the tax cuts/reform bill—Part 2 that they plan to write after Labor Day. The framework is very general, providing few details about the House GOP’s plan to make current individual tax rates permanent, provide new savings (short-term and retirement) tax incentives, and focus on “innovation” by providing tax help to start...

NAIFA Submits Comments on SEC’s Proposed Standard of Care Rules

August 15, 2018

On August 2, NAIFA submitted a detailed comment letter to the Securities and Exchange Commission (SEC) on the SEC’s proposed best interest regulation (and related issues) that would change the rules governing the duty of care that broker dealers and their registered reps owe to their customers. Among the issues NAIFA addresses in its comment letter is the confusion to consumers that could result from restricting the use of the terms “advisor” and “adviser”.   NAIFA generally supports the ...

Treasury Proposes Its First Pass-Through Business Deduction Regulation

August 15, 2018

On August 8, the Treasury Department proposed a new regulation providing guidance on how to use the new Internal Revenue Code (IRC) section 199A (pass-through business income deduction) tax break. Responding to NAIFA input, the regulation specifies that insurance agents and brokers are eligible to use the deduction, although there is a restriction on its use by those whose business includes investment advice/management (including retirement planning).   New IRC section 199A is complex a...

House Passes HSA Bills

August 15, 2018

On July 25, the House passed three separate health tax bills that enhance health savings account (HSA) rules. Also included in legislation are provisions that improve the tax incentives for flexible savings arrangements (FSAs). However, the House deferred a vote on the bill that would zero out the penalty for failure to provide qualified affordable health insurance to all full-time employees (the Affordable Care Act (ACA) employer mandate) and further delay imposition of the ACA Cadillac tax....

Bipartisan Group of Senators Offer Four New Retirement Savings Bills

August 15, 2018

 On July 24, House Ways & Means Committee Chairman Rep. Kevin Brady (R-TX), with the support of his committee’s Republican members, released a “listening session framework” for the tax cuts/reform bill—Part 2 that they plan to write after Labor Day. The framework is very general, providing few details about the House GOP’s plan to make current individual tax rates permanent, provide new savings (short-term and retirement) tax incentives, and focus on “innovation” by providing tax help to star...