Insurance Returns

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Insurance Returns

• Topics Covered
• Getting Started

Setting Up ONESOURCE Income Tax for Insurance Returns

• Using TAS with Insurance
• How to Set Up ONESOURCE Income Tax for Insurance Returns
• Chart and Adjustment Information
  • ONESOURCE Income Tax Insurance Functionality
• NAIC Annual Statement Line Mapping Chart
  • Creating an Insurance Line Mapping Chart
• Tax Accounting System Menu Tree with Insurance
  • NAIC Annual Statement Reconciliation Screen
  • Action Items
• Working Trial Balance (WTB) and Insurance
• State Taxable Income Workpapers
• 1120PC Schedule E and F Options

Selecting the Data Source

• Data Sources
• NAIC Annual Statement
  • NAIC Annual Statement Transfer
  • Annual Statement Transfer for Short Year Returns
  • NAIC Mapping to the Tax Return
  • Statutory-to-Tax Adjustments
• Electronic Organizer
  • Schedule M-3
  • Statutory-to-Tax Adjustments
  • Adjustments and Reclasses
  • Reclasses In Balance

Creating the Insurance Return

• Step 1: Rollover a Return
• Step 2: Choose Return/Entity Type
• Step 3: Enter Federal Tax ID Number
• Step 4: Select the Data Source
• Tax Accounting System Menu Tree for Insurance
• NAIC Annual Statement Reconciliation Screen
  • Opening the NAIC Annual Statement Reconciliation
  • Opening Insurance Workpapers
• Step 5: Set Up Division
• Step 6: Determine Net Operating Loss

1120-L Tax Returns

• 1120-L Returns
• Life Insurance Reserves Test
• Failed Life
  • Using the Life NAIC Import
• 1120-L Unique Items
  • DAC – Deferred Acquisition Costs
  • Schedule T

1120-PC Tax Returns

• 1120-PC Returns
• 1120-PC Unique Items
  • Loss Reserve Discounting (LRD)
    • LRD Lines
    • Compute Options
    • Print Suppression Options
    • Discounting Summary
      • Short Period Lines
      • Long Period Lines
      • Accident and Health
  • Salvage and Subrogation
    • Methods of Calculation of S&S
    • S&S Options
  • Failed Life
  • Deferred Acquisition Costs (DAC)

Working in the Tax Application

• Cross-Checking of Data Source Types
• Organizer and Tax Forms Overview
• General Information
  • Basic Return Information
  • Return and Print Options
  • Tax Form Options
  • M-3 Options
• Reviewing the Tax Return
  • Reconciliations of the Annual Statement Income to Taxable Income
  • Diagnostics

Activating State Insurance Returns

• Activating State Returns
• Allocation and Apportionment

Net Operating Loss

• Net Operating Loss
  • Non-SRLY NOL
  • SRLY NOL Entry
  • S382 NOL
• NOL Organization and Rules
  • NOL Offsetting Rules and Order
  • NOL Override Rules
• Limitation of Nonlife NOL Against Life Subgroup Income
• LNL Eligibility Check Box
• Examples of NOL Utilization
  • NL Examples
  • LNL Examples
• Common NOL Support Questions

Consolidating the Insurance Return

• Preparing for Consolidation
• Elimination Return
• Subgroup Subconsolidation
  • 1120 Subgroup Subconsolidation
  • 1120-PC Subgroup Subconsolidation
  • 1120-L Subgroup Subconsolidation
• Subgroup Top Consolidation
• Nonlife Consolidation
  • Nonlife Subgroup or Nonlife Top Consolidation
• Life Nonlife Consolidation

Working in your Consolidation

• Tools for Consolidation
  • Subview
  • Schedule K Questions
• Form 851: Corporate Affiliations Schedule
  • Preparing Form 851
  • Consolidation Carry Information
  • Top Consolidation
  • Entering Information for Form 851
  • Printing Form 851

Mixed Group State Consolidation

• Multi-tier Mixed Group State Consolidation Structures
• Single-Tier or Flat Mixed Group State Consolidation Structure
• Nonlife Eliminations
• E-filing

Printing the Return

• Print
  • Print Preview
• Print Options
  • Return and Print Options
  • Compute/Print Options for Schedule M-1/M-3
  • Reviewing Print Options

International Insurance Returns

• Using Foreign Tax Credit Data Entry Screens in an 1120L or 1120PC Binder to Populate Form 1118
  • Viewing the International Filing Type for an Entity
  • Creating the Top Consolidation Binder
  • Reviewing the Members
  • Valid Entity Types in International Calculations
• International Summary Chart of Accounts
  • Assigning Federal and International Chart of Accounts
• Data Entry and Import into Foreign Tax Credit Screens
  • Divisional Consolidations
• Preparing Form 1118
• Tax Credit

 

 

 

1120/toc_1120_insurance_oit.htm/TY2021

Last Modified: 08/10/2021

Last System Build: 01/31/2023

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