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News & Press: CalAdvisor Newsletter

Another Win for NAIFA Advocacy

Friday, January 5, 2018   (0 Comments)
Posted by: Admin
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As the leading professional advisor association, NAIFA is committed to protecting our members’ practice focuses and areas of expertise, and that commitment is evident in the final Tax Reform bill.

The most significant provisions to advisors are those that are NOT in the final bill as a result of NAIFA's Advocacy!

Do you know how NAIFA's actions protected you on tax reform?

  • There are NO changes to how life insurance and annuity products are taxed!
  • If you encourage businesses and individuals to save for retirement, the bill has no new limits to the amount of pre-tax contributions to retirement plans or Individual Retirement Accounts (IRAs).
  • If you work with long-term care clients and prospects, or those with large health expenditures, the bill does not repeal the medical expense deduction and lowers the threshold for two years from 10 percent of AGI to 7.5 percent of AGI.
  • If you help employers offering workplace benefits, the bill does not limit the tax treatment of employer-sponsored benefits.
  • If you offer other employee benefits, the bill does not change current tax rules for non-qualified deferred compensation or corporate owned life insurance.
  • If you advise high net worth individuals, the estate tax is not repealed (although the exemption amount is doubled), charitable donations deductions are unchanged, and the top individual rate is lowered from 39.6 percent to 37 percent.
  • If you offer securities, the bill does not include the first in first out (FIFO rule) provision.
  • If you offer casualty insurance products, the final bill limitations are different from current law, but preserve deductions for losses if a disaster is declared by the President.

In other words, NAIFA’s unparalleled combination of grassroots, professional staff, outside counsel, coalition and industry partners and our well-deserved reputation in every Congressional district of being the credible and reliable resource have protected your businesses and your clients, allowing families to secure their financial futures.

For those wanting a more detailed description of specific provisions of the finalized legislation, we recommend the Joint Committee on Taxation's explanation of the final conference report, as well as the resources listed below.

Your support of NAIFA, and our advocacy efforts, has never been more important.

More Resources:

NAIFA Staff Contact: Diane Boyle, Senior Vice President – Government Relations; or Judi Carsrud, Assistant Vice President – Government Relations

NAIFA MATTERS - Find Out More


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