A recent report from the Treasury Inspector General for Tax Administration looked to determine whether the IRS has effective controls and processes in place to ensure that taxpayers and retirement income providers are correctly computing and reporting the taxable portion of retirement income. Their findings? Not quite. While the IRS’s Automated Underreporter Program is effectively determining the proper reporting of retirement income when Form 1099-R discloses the taxable amount of the retirement distribution, but that additional tax form information, if available, would improve compliance even more. Specifically, TIGTA recommended the IRS clarify the meaning of “taxable amount not determined” and include the dates needed to identify retirement savings program distributions and transfers not rolled over within 60 days as required. The IRS substantially agreed with TIGTA’s recommendations, but did question the relevance of reporting on distribution and rollover contribution dates.
The Illinois carrier recently raised $35 million through a stock offering.
One of the recorded votes on amendments was on a jab at short-term health insurance.
The allegations relate to the Georgia Underwriting Association.
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