IRS Adds Variable Annuity Issues to To-Do List
August 18, 2011 by Allison Bell
onto the guidance development project list at the Internal Revenue Service
The IRS creates the guidance to-do list by inviting
business taxpayers and business associations to send requests for help with tax
concerns to an Industry Issue Resolution (IIR) program.
Taxpayers and associations have until Aug. 31 to participate in the current
round of IIR project request reviews, officials say.
The IRS is looking into the variable tax issues at the request of several
The IRS also has decided to go ahead with an IIR guidance project on the
“conclusive presumption of worthlessness … to partial worthlessness deductions
consistent with insurance companies’ statutory book charge-offs of debt,”
Other topics that have made the IIR cut include projects involving utility
company transmission and distribution networks, and repair vs. capitalization in
the cable industry.
– Allison Bell