SKR+Co Alert: Employer-owned life insurance, new foreign account rules, & new tax forms!
February 8, 2013
Employers with life insurance contracts on employees, officers and directors, take heed!
We would like to bring to your attention an IRS requirement that many employers have overlooked. If you are an employer with employer-owned life insurance contracts issued after August 17, 2006, you are required by the IRS to report information about this contract on Form 8925. This article will explain the reporting requirements you need to follow.
Read the Full Article Here
Final rules on foreign account reporting are released
The U.S. Department of the Treasury and the IRS have issued comprehensive final regulations implementing Foreign Account Tax Compliance Act (FATCA) information reporting provisions. Under the regulations, foreign financial institutions (FFIs) — including foreign banks, brokers, insurance companies and investment funds — must disclose to the IRS certain information about their U.S.-owned accounts. This article reviews the major provisions of the final regulations and the potential impact on individual taxpayers with foreign accounts.
Read the Full Article Here
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Updated Tax Forms on Our Website!
Although the IRS is still in the process of updating some forms and instructions, many are ready to go! On our website, www.skrco.com, click on the tab, Tax Forms, to see and download or print the forms you need this tax season.
If you have any questions, please contact us at (719) 630-1186 or through ourSecure Email.
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