Personal Benefits Contracts Reporting

Personal Benefits Contracts Reporting

News story posted in IRS Notices on 27 September 2000| comments
audience: National Publication | last updated: 18 May 2011
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Summary

In Notice 2000-24, 2000-17 IRB 952, the IRS announced that Form 8870, Information Return for Transfers Associated With Certain Personal Benefits Contracts, is now available. Form 8870 needs to be filed by charities paying premiums on personal benefits contracts described in Code Section 170(f)(10). For years prior to 2000, the Form is due by the later of 90 days after the date the IRS announces the Form's availability in the Internal Revenue Bulletin or the date the charity is required to file its yearly informational return.

Notice 2000-24

PGDC SUMMARY:

In Notice 2000-24, 2000-17 IRB 952, the IRS announced that Form 8870, Information Return for Transfers Associated With Certain Personal Benefits Contracts, is now available. Form 8870 needs to be filed by charities paying premiums on personal benefits contracts described in Code Section 170(f)(10). For years prior to 2000, the Form is due by the later of 90 days after the date the IRS announces the Form's availability in the Internal Revenue Bulletin or the date the charity is required to file its yearly informational return.

FULL TEXT:

Part IV. Items of General Interest

Form 8870, Information Return for Transfers Associated With Certain Personal Benefit Contracts

Notice 2000-24, 2000-17 I.R.B. 952, advises organizations that pay premiums on "personal benefit contracts," as that term is used in section 170(f)(10) of the Internal Revenue Code, of the need to file the Form 8870, Information Return for Transfers Associated With Certain Personal Benefit Contracts. For taxable years, beginning prior to January 1, 2000, such organizations must file the Form 8870 by the later of 90 days after the date of the Service's announcement in the Internal Revenue Bulletin of the availability of Form 8870, or the date the organization is required to file its annual information return.

This announcement advises organizations of the availability of the Form 8870. The 90-day period referred to in the Notice begins on the date of publication of this announcement.

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