If your company is a direct or indirect beneficiary of any life insurance that covers employees, you have some new regs to be aware of.

The new regs cover reporting procedures and require you to file a return including information such as the number of employees covered under the insurance contracts; the total amount of insurance; the name, address and TIN of the policyholder and more.

The rules are in effect starting Nov. 6 and apply to contracts issued after Aug. 17, 2006.

You can get the full text here.

Tags: Employee insurance, IRS, New regs, Tax compliance