{"id":429,"date":"2019-03-22T15:54:16","date_gmt":"2019-03-22T15:54:16","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=429"},"modified":"2019-03-22T15:54:16","modified_gmt":"2019-03-22T15:54:16","slug":"irs-issues-proposed-regulations-new-tax-reform-reporting-requirements-life-insurance-contract-transactions-new-reporting-forms-available","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/irs-issues-proposed-regulations-new-tax-reform-reporting-requirements-life-insurance-contract-transactions-new-reporting-forms-available\/","title":{"rendered":"IRS issues proposed regulations on new tax reform reporting requirements for life insurance contract transactions; New reporting forms available"},"content":{"rendered":"<p><script 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.a2a_count:before{border:solid transparent;border-width:0 4px 4px 4px;content:\"\";height:0;left:50%;line-height:0;margin:-4px 0 0 -4px;position:absolute;top:0;width:0}.a2a_vertical_style .a2a_count:before{border-bottom-color:#ccc}.a2a_vertical_style .a2a_count:after{border-bottom-color:#fff;margin-top:-3px}.a2a_nowrap{white-space:nowrap}.a2a_note{margin:0 auto;padding:9px;font-size:12px;text-align:center}.a2a_note .a2a_note_note{margin:0;color:#2A2A2A}.a2a_wide a{display:block;margin-top:3px;border-top:1px solid #EEE;text-align:center}.a2a_label{position:absolute!important;clip:rect(1px 1px 1px 1px);clip:rect(1px,1px,1px,1px);clip-path:polygon(0 0,0 0,0 0);-webkit-clip-path:polygon(0 0,0 0,0 0);overflow:hidden;height:1px;width:1px}.a2a_kit,.a2a_menu,.a2a_modal,.a2a_overlay{-ms-touch-action:manipulation;touch-action:manipulation}.a2a_dd img{border:0}.a2a_button_facebook_like iframe{max-width:none}<\/style>\n<p> <script src=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.feedback.js\" type=\"text\/javascript\" charset=\"utf-8\" async=\"\" data-vendor=\"fs\" data-requirecontext=\"_\" data-requiremodule=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.feedback.js\"><\/script> <script src=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.survey.js\" type=\"text\/javascript\" charset=\"utf-8\" async=\"\" data-vendor=\"fs\" data-requirecontext=\"_\" data-requiremodule=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.survey.js\"><\/script> <script src=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.record.js\" type=\"text\/javascript\" charset=\"utf-8\" async=\"\" data-vendor=\"fs\" data-requirecontext=\"_\" data-requiremodule=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.record.js\"><\/script> <script src=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.utils.js\" type=\"text\/javascript\" charset=\"utf-8\" async=\"\" data-vendor=\"fs\" data-requirecontext=\"_\" data-requiremodule=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.utils.js\"><\/script> <script src=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.trigger.js\" type=\"text\/javascript\" charset=\"utf-8\" async=\"\" data-vendor=\"fs\" data-requirecontext=\"_\" data-requiremodule=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.trigger.js\"><\/script><\/p>\n<div class=\"pup-main-container container\">\n<div class=\"row\">\n<div class=\"pup-header-content-rt no-gutter col-sm-12 col-md-9\">\n<div class=\"region region-content\">\n<article class=\"pup-article full clearfix row\">\n<div class=\"col-md-12 col-sm-12 col-xs-12\">\n<div class=\"field field--name-body field--type-text-with-summary field--label-hidden field--item\">\n<p>IR-2019-54, March 22, 2019<\/p>\n<p>WASHINGTON \u2013The Internal Revenue Service today issued <a title=\"Information Reporting for Certain Life Insurance Contract Transactions and Modifications to the Transfer for Valuable Consideration Rules\" href=\"https:\/\/www.federalregister.gov\/documents\/2019\/03\/25\/2019-05400\/information-reporting-for-certain-life-insurance-contract-transactions-and-modifications-to-the\" data-entity-uuid=\"720aeae5-7fd5-4f1f-8655-2353b7f10b33\" data-entity-type=\"media\" data-entity-substitution=\"pup_linkit_media\">proposed regulations<\/a> on the new information reporting requirements for certain life insurance contracts under the Tax Cuts and Jobs Act (TCJA).<\/p>\n<p>As enacted, the new reporting requirements under Internal Revenue Code 6050Y apply to reportable policy sales and payments of reportable death benefits occurring after Dec. 31, 2017. Consistent with guidance issued last April, the proposed regulations contain transitional guidance delaying any reporting until final regulations are issued. The proposed regulations provide taxpayers additional time to satisfy any reporting obligations for sales or payments made prior to publication of final regulations.<\/p>\n<p>Among other things, these reporting requirements are designed to help persons who sell life insurance contracts properly report any gain from that sale.<\/p>\n<p>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 IRS. The acquirer must also furnish written statements to each payment recipient and the issuer named in the return. The issuer, upon receiving such a statement, must file a return with the IRS and must also furnish a written statement to the seller. The IRS has released <a title=\"Form 1099-LS, Reportable Life Insurance Sale (form and instructions)\" href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1099-ls\" data-entity-uuid=\"1076d9a1-f7d6-4904-89b4-10d3ad32b08a\" data-entity-type=\"node\" data-entity-substitution=\"canonical\">Form and Instructions for 1099-LS<\/a> and <a title=\"Form 1099-SB, Seller's Investment in Life Insurance Contract\" href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1099-sb\" data-entity-uuid=\"c9d15fdc-7e3b-4216-815f-91729320e941\" data-entity-type=\"node\" data-entity-substitution=\"canonical\">Form and Instructions for Form 1099-SB<\/a>, which provide specific instructions on these reporting requirements.<\/p>\n<p>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.<\/p>\n<p>For information about other TCJA provisions, visit the <a title=\"Tax Reform\" href=\"https:\/\/www.irs.gov\/tax-reform\" data-entity-uuid=\"e8471673-3c14-4749-a65f-96bb3ea9e361\" data-entity-type=\"node\" data-entity-substitution=\"canonical\">Tax Reform<\/a> page.\u00a0 \u00a0\u00a0https:\/\/www.irs.gov\/newsroom\/irs-issues-proposed-regulations-on-new-tax-reform-reporting-requirements-for-life-insurance-contract-transactions-new-reporting-forms-available<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>IRS issues proposed regulations on new tax reform reporting requirements for life insurance contract transactions; New reporting forms available | Internal Revenue Service IR-2019-54, March 22, 2019 WASHINGTON \u2013The Internal [&hellip;]<\/p>\n","protected":false},"author":88892,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,1,3],"tags":[],"class_list":["post-429","post","type-post","status-publish","format-standard","hentry","category-business","category-general","category-tax-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRS issues proposed regulations on new tax reform reporting requirements for life insurance contract transactions; New reporting forms available - Ayoub Sidhum &amp; Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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