Baker Tilly Poll Finds Insurance Organizations Still Have Questions about the SSAP No. 101 Tax Provision Process

CHICAGO (December 16, 2014) – Baker Tilly Virchow Krause, LLP (Baker Tilly) is helping insurance organizations understand Statement of Statutory Accounting Principles (SSAP) No. 101, Income Taxes, A Replacement of SSAP No. 10R and SSAP No. 10. During a recent educational webinar, SSAP No. 101: Issues to consider, 70%1 of respondents indicated they continue to have questions and issues with the tax provision process.

After three years of implementation, highly complex or unusual tax items still create areas of uncertainty for insurance organizations. More than 85%2 of respondents have developed their own workpapers for the tax provision process, but with the high percentage of respondents indicating continued questions and issues, tax professionals question if the workpapers appropriately capture the intricacies of the calculation.

“SSAP No. 101 is a highly complex tax provision that can be challenging, especially for insurers that do not have internal tax departments,” said Carrie Small, director of tax services in Baker Tilly’s insurance practice. “Many organizations have developed their own workpapers, but continue to be uncertain whether all items are appropriately captured in the template.”

The webinar discussed:

  • Challenges and special circumstances within the SSAP 101 guidance
  • Examples of key considerations applied in the SSAP 101 calculation
  • Best practices in how you can apply the guidance under SSAP 101

A recording of the webinar is available on-demand and the presentation slides are available for download.

  1. 70% of respondents answered “still have some questions/issues that arise.” Poll question during SSAP No. 101: Issues to consider webinar on 11/19/14.

  2. 85% of respondents answered “developed own in excel or other platform.” Poll question during SSAP No. 101: Issues to consider webinar on 11/19/14.

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