The IRS is planning a revamp of regulations related to how an affiliated group of companies can file consolidated tax returns that include both life and non-life insurance businesses.
The change likely will come out later this year, said Ken Kies, assistant Treasury secretary for tax policy, during a Thursday speech at the Federal Bar Association’s Insurance Tax Seminar in Washington, DC.
“There’s room to simplify the current regulations and reduce burden,” said Kies, noting the rules—related to Section 1502 of the Internal Revenue Code—date back to 1983.
The Trump administration has made deregulation a priority across the government.
Revisions ...