The IRS is looking at updating the closing agreement guidance for failed life insurance contracts, an official said Friday.
Several revenue procedures are under consideration for changes, said Megan McGuire, an attorney at the IRS Office of Chief Counsel. She was speaking at the Federal Bar Association insurance tax conference.
Revenue procedure 2008-40, which establishes procedures for correcting contracts that were intended to be life insurance contracts but failed to meet certain definition requirements, and revenue procedure 2008-39 which deals with modified endowment contracts, are among those being reconsidered, she said.
The IRS, over a decade ago, provided these guidance ...
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