5498 Statements to IRA Customers

IRS Reporting Form 5498 “Individual Retirement Information” is used to report IRA contributions and other information. National Life sends 5498 statements to IRA customers during the month of May in accordance with IRS Regulations. Customers should file this statement with their permanent records. (more…)

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Highlights of Business Tax Reform

The Tax Cuts and Jobs Act is the most sweeping update to the U.S. tax code in more than 30 years.
The bill contains many changes as to how individuals, businesses, estates and non- profit organizations are taxed. This blog will focus on the changes made to business tax rates, deductions and credits. Some of the changes are simple while others are complex. (more…)

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Understanding the Recent Tax Law Changes

Yes – Tax Law Changes Can be …Fun…Complicated…. Painful…Beneficial?

New tax legislation gets covered by the popular press almost like a sporting event. Winners and losers.  Certain provisions are summarized and get a lot of news, other key provisions are barely reported on.  It’s like the old joke:  A local news station reported on Moses coming down from the Mount.  “Moses came down from the Mount today. He was carrying 10 amendments–the top 5 are…” (more…)

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1099 MISC Forms Update

Good news. 1099 MISC tax forms that used to be issued by NL and LSW are now being issued on a combined form by NLD (National Life Distribution).  Now you can view your account breakout of the amount being reported.  This new format is accepted by the IRS. (more…)

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