Associated Press - New regulations designed to insure the U.S. government collects on any unpaid taxpayer federal obligations at the time of a taxpayer’s death, the IRS announced today that starting in 2014 it will require all taxpayers to carry life insurance.
Under the proposal, taxpayers must name the IRS as an additional insured on all life insurance policies with the amounnt of coverage determined by a percentage of the taxpayer’s average annual income computed over the most recent 10 years.
“Since most taxpayers already have life insurance through employer provided health care coverage or through individual polices, the change will pose little inconvenience to taxpayers,” said Malcome Wright of the Washington D.C. Bureau of the IRS.
“For those without life insurance in place, taxpayers will be required to show proof of insurance with their 2014 tax returns,” said Wright. Tax forms will have a line added that Wright said will appear as as simple check box to make the process easy for taxpayers.
The IRS change is expected to be implemented under executive order by the White House.
Watch out, if you post that, make sure it’s got the “sarc/ “displayed prominently ;).