N-2018-41: Information Reporting for Certain Life Insurance Contract Transactions and a Modification to the Transfer for Valuable Consideration Rules
Internal Revenue Service (IRS) sent this bulletin at 04/26/2018 11:14 AM EDT
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Issue Number: N-2018-41Inside This IssueNotice 2018-41 announces that the Department of the Treasury and the Internal Revenue Service intend to issue proposed regulations providing guidance to assist taxpayers in complying with information reporting obligations for reportable policy sales of life insurance contracts under § 6050Y, which was added by section 13520 of “[a]n Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,” P.L. 115-97 (the “Act”). The proposed regulations also will provide guidance on an exception to the transfer for valuable consideration rules for life insurance contracts added to § 101(a) by section 13522 of the Act. This notice describes the anticipated guidance and requests public comments on the implementation of these provisions of the Act. Notice 2018-41 will be in IRB 2018-20, dated 5/14/2018. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |