The IRS has issued final regs on the new information reporting obligations for reportable policy sales of life insurance contracts and payments of reportable death benefits under Code Sec. 6050Y, as added by the Tax Cuts and Jobs Act. The final regs also provide guidance on the amount of death benefits excluded from gross income under Code Sec. 101 following a reportable policy sale.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.