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IRS Adds Variable Annuity Issues to To-Do List

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Tax accounting issues of interest to variable annuity issuers have made it onto the guidance development project list at the Internal Revenue Service (IRS).

The IRS creates the guidance to-do list by inviting business taxpayers and business associations to send requests for help with tax concerns to an Industry Issue Resolution (IIR) program.

Taxpayers and associations have until Aug. 31 to participate in the current round of IIR project request reviews, officials say.

The IRS is looking into the variable tax issues at the request of several accounting firms.

The IRS also has decided to go ahead with an IIR guidance project on the “conclusive presumption of worthlessness … to partial worthlessness deductions consistent with insurance companies’ statutory book charge-offs of debt,” officials say.

Other topics that have made the IIR cut include projects involving utility company transmission and distribution networks, and repair vs. capitalization in the cable industry.

- Allison Bell

Other IRS outreach efforts coverage from National Underwriter Life & Health: