Ask the Specialists: Tax considerations for insurance companies
State, local and workplace requirements imposed and employee preferences to lessen the spread of COVID-19 have required most employees in the insurance industry to work remotely, many at home.
New stay-at-home arrangements have business and tax implications that should be understood by insurance company CFOs, heads of tax, human resources and payroll professionals who help manage tax compliance. In this video, John Forni, managing director at Grant Thornton, Insurance National Tax Practice Leader, raises and explores these issues with colleagues Managing Director Art Burkard, SALT insurance tax specialist, and Senior Manager Albert Arazi, Human Capital Services employment taxes.
COVID-19 has led many states and even local jurisdictions to enact laws governing how to identify tax nexus based on work conditions. In addition, payroll implications abound as employees working remotely may have changed locations, temporarily or permanently. Find out what our specialists have to say about how insurance company executives, including non-insurance company affiliated groups – third-party administrators and managing general agents – can manage tax risks in this uncertain time.