The Internal Revenue Service has published a final version of rules that will help employers comply with federal corporate-owned life insurance reporting requirements.
The final regulations are based on proposed and temporary COLI reporting regulations that the IRS issued in November 2007.
The proposed and temporary regulations state that the IRS commissioner can develop the forms needed to implement Section 6039I of the Internal Revenue Code, a COLI provision added by the Pension Protection Act of 2006.