IRS Issues Final Regs Re Info Reporting on Employer Owned Life Insurance Contracts Under Section 6039I

The IRS, in TD 9431, issued final regs re information reporting on employer-owned life insurance contracts under IRC Sec. 6039I.  According to the IRS, this final regulation is necessary to provide taxpayers with guidance as to how the requirements of IRC Sec. 6039I should be applied.  These regulations generally apply to taxpayers that are engaged in a trade or business and that are directly or indirectly a beneficiary of a life insurance contract covering the life of an insured who is an employee of the trade or business on the date the contract is issued.

Posted by Lewis J. Saret, General Editor, Wealth Strategies Journal.