The Internal Revenue Service detailed new information reporting requirements relating to some life insurance contracts under the Tax Cuts and Jobs Acts. Reportable death benefits paid as well as reportable policy sales after December 31, 2017 will be subject to the new guidelines. The final regulations of the reporting requirements have not been released yet so insurance companies as well as policy purchasers have the benefit of extra time to satisfy the obligations. The public may comment on the proposed regulation to implement the new reporting requirements in Notice-2018-41.
See Michael Cohn, IRS Details New Reporting Requirements for Life Insurance, Accounting Today, April 26, 2018.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
