18 Feb 2025
📄IRS Proposes Extension for Information Collection on Life Insurance
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request for Form 712
Summary
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning Form 712, Life Insurance Statement.
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$ - Med
The proposal for extending the information collection for Form 712 involves compliance requirements for businesses regarding life insurance inclusion in estate valuation for tax purposes. Businesses will need to prepare for the increased burden calculation leading to potential implications on their estate planning and tax strategies.