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November 18, 2007 at 02:00 PM
The Internal Revenue Service has issued the temporary regulations it needs to issue to implement new corporate-owned life insurance reporting procedures.
The Pension Protection Act of 2006 created a section of the Internal Revenue Code, Section 6039I, which requires companies that own COLI to file a COLI return each year.
The COLI return should show the number of employees that the company employs, the number insured by COLI contracts, the total amount of COLI coverage in force, and the company’s name, address and industry.
The COLI return also will have to indicate whether the company has gotten permission from the employees covered by the COLI policies to include the employees in the COLI arrangements.
