Agency Information Collection Activities; Comment Request on Long-Term Care Premiums Paid Statement
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This notice by the Internal Revenue Service (IRS) invites public comments on the information collection request for a new standard form, the 1099-LPS, which is used to report long-term care insurance premiums. The request is part of the IRS's effort to comply with the Paperwork Reduction Act of 1995, aimed at minimizing the burden of information collection from the public. Individuals, households, and organizations are encouraged to provide feedback on the necessity and utility of the collection, its estimated burden, and suggestions for improvement.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Introduction of a new form 1099-LPS for long-term care premium reporting
- Increased opportunity for public feedback on information collection
- Implementation of procedures to reduce administrative burden
Obligations
What this law requires
Issuers of certified long-term care insurance must file Form 1099-LPS to report long-term care insurance contracts
Form 1099-LPS must comply with Internal Revenue Code section 401(a)(39)(E) requirements for long-term care premium statements
Form 1099-LPS reporting must comply with Internal Revenue Code section 6050Z requirements for statements to be furnished and contracts covering more than one insured
Long-term care premium statements must be furnished to policyholders upon request in accordance with IRC section 6050Z
Written comments on the 1099-LPS information collection must be submitted on or before June 8, 2026 to be assured of consideration