IRS Issues Proposed Regulations on New Tax Reform Reporting Requirements for Life Insurance Contract Transactions; New Reporting Forms Available
The
As enacted, the new reporting requirements under Internal Revenue Code 6050Y apply to reportable policy sales and payments of reportable death benefits occurring after
Among other things, these reporting requirements are designed to help persons who sell life insurance contracts properly report any gain from that sale.
Every person who acquires a life insurance contract, or any interest in a life insurance contract, in a reportable policy sale during the taxable year must file a return with the
The proposed regulations also provide guidance on new reporting requirements applicable to each person who makes a payment of reportable death benefits (reportable on Form 1099-R) and how to calculate the amount of death benefits excluded from gross income.
For information about other TCJA provisions, visit the Tax Reform page.
King Asks Pres. Trump to ‘Expeditiously Approve’ Iowa’s Flood Disaster Declaration
Delaware County, Oklahoma Flood Maps Become Final
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News