Press Release

Nearly 90 Percent of Insurers Not Fully Prepared for Tax Reform

CHICAGO (Jan. 23, 2018) – A flash poll conducted by Baker Tilly Virchow Krause, LLP (Baker Tilly) indicates nearly 90 percent of insurance organizations were not fully prepared for the impacts of tax reform on their institution.

“The passage of the Tax Cuts and Jobs Act (TCJA) represents the largest tax overhaul since the Tax Reform Act of 1986,” Carrie Small, CPA, MST, partner with Baker Tilly’s insurance tax practice, said. “Although the TCJA was meant to simplify the tax code, insurance organizations have found the bill’s many provisions challenging to decipher.”

“Since the bill was signed into law in 2017, all companies are required to re-measure their deferred tax assets and deferred tax liabilities as of the Dec. 22, 2017 enactment date,” Michael Gehr, CPA, MST, senior manager with Baker Tilly’s financial services practice, said. “Because of this, there is an immediate action item that all insurance organizations must do as a result of tax reform.”

Baker Tilly recently held an educational webinar, “Tax reform for insurance organizations: Final bill impacts,” to assist insurers in understanding the impacts of the final tax reform bill, including specific provisions that could impact insurance organizations’ planning and strategies in 2017 and beyond.

The webinar presenters discussed:

  • An overview of the key provisions in the TCJA
  • An analysis of the impacts tax reform has on insurance organizations
  • Transition rules and long-term planning opportunities

Presentation slides and a recording of the webinar are available at

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Baker Tilly US, LLP (Baker Tilly) is a leading advisory, tax and assurance firm whose specialized professionals guide clients through an ever-changing business world, helping them win now and anticipate tomorrow. Headquartered in Chicago, Baker Tilly, and its affiliated entities, have operations in North America, South America, Europe, Asia and Australia. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 145 territories, with 34,700 professionals. The combined worldwide revenue of independent member firms is $3.6 billion. Visit or join the conversation on LinkedIn, Facebook and Twitter.

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