Tax & Accounting Blog

Self-Insurance Arrangements – Relief from IRC Section 6050W Requirements

1099, 6050W, ONESOURCE, Tax Information Reporting, Trust Tax November 14, 2011

Notice 2011-78 provides relief to insurance companies administering certain self-insurance arrangements from information reporting obligations under Section 6050W of the Internal Revenue Code. Under the self-insurance circumstances identified in Notice 2011-78, an insurance company will not be treated as a third-party settlement organization with Form 1099-K reporting responsibility. Insurance companies may rely on the Notice until the Regulations under Section 6050W are amended.

Click here to view the entire Notice 2011-78.

 

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