Proposed Allowance of Information Collection Request Submitted for Public Comment; Information Reporting for Certain Life Insurance Contract Transactions
Agency: "
SUMMARY: The
DATES:
Written comments should be received on or before
ADDRESSES: Direct all written comments to
SUPPLEMENTARY INFORMATION:
Title: Information Reporting for Certain Life Insurance Contract Transactions.
OMB Number: 1545--New.
Regulation Project Number: Notice 2018-41, Form 1099-LS, Form 1099-SB.
Abstract: The collection covers the new information reporting requirements for certain life insurance contracts under new IRC 6050Y, which were added by the Tax Cuts and Jobs Act (TCJA).
The new reporting requirements apply to reportable death benefits paid and reportable policy sales made after
Current Actions: The
This submission is being made to seek new approval as required in the Paperwork Reduction Act.
Type of Review: New collection.
Affected Public: Individuals or Households, Business or other for profit, Not for profit institutions.
Estimated Number of Respondents: 6,000.
Estimated Time per Respondent: 7 min.
Estimated Total Annual
The following paragraph applies to all the collections of information covered by this notice:
An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number.
Books or records relating to a collection of information must be retained if their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.
Desired Focus of Comments: The
* Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility;
* Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used;
* Enhance the quality, utility, and clarity of the information to be collected; and
* Minimize the burden of the collection of information on those who are to respond, including using appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., by permitting electronic submissions of responses.
Comments submitted in response to this notice will be summarized and/or included in the ICR for OMB approval of the extension of the information collection; they will also become a matter of public record.
Approved:
Notice and request for comments.
Citation: "83 FR 46017"
Federal Register Page Number: "46017"
"Notices"
Topa Insurance Company Implements Guidewire Cloud-Based Solution
BCS Insurance Agency to Offer Annuities Through Four Seasons Financial Using iPipeline’s Multicarrier Platform
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News