It was originally founded on the premise that it was important for insurance tax professionals to present a united front to the Internal Revenue Service on tax issues of importance to the insurance industry. This was necessary, not only because of the complexity of the tax law as it applied to insurance companies, but also because the insurance industry was changing rapidly. The use of new products and ever changing ways of taxing those products and the industry in general results in an increased emphasis on tax planning for many companies. The Insurance Tax Conference provides a forum for the presentation and discussion of these new issues and continuing issues of importance to the insurance industry by the most experienced insurance tax professionals and various insurance tax experts.
The two most important parts of the Insurance Tax Conference are felt to be its Membership Directory and its Annual Seminars. When a tax professional has a novel IRS issue presented on audit, needs to test a new idea, or needs a more in-depth review of a subject, it may be beneficial to discuss the issues with another tax professional with experience in that specific area. The Membership Directory provides a ready source of reference for this purpose. The ability to call at any time and exchange ideas is the real backbone of the Insurance Tax Conference and was a major reason for its creation.
The need to exchange ideas in a more formal fashion led to the first Insurance Tax Conference Annual Seminar in 1976. The attendance at the Insurance Tax Conference's Annual Seminars has grown steadily to a high of nearly 500 persons attending the 25th Anniversary Annual Seminar in Las Vegas. Approximately 400 persons attended the 30th Anniversary Annual Seminar in November 2005, once again held in Las Vegas, at the Aladdin Resort and Casino. A similar number attended our subsequent seminars through November of 2008. The 34th Annual Seminar is currently in planning stage. If you click the 34th Annual Tax Seminar tab to the left you will be able to see the tentative program.
In 2002, the Board of the ITC saw a need to sponsor an educational seminar dealing with state and local tax issues. The first Insurance State Tax Seminar was held in April of 2003. The 7th Insurance State Tax Seminar was be held April 27 and 28, 2009 in Chicago. See the tab at the left for more information.