The Treasury Department and the IRS issued comprehensive tax rules governing split-dollar life insurance arrangements entered into materially modified after September 17 (www.treas.gov/press/releases/js726.htm).* The Treasury Department and the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. issued comprehensive tax rules governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. split-dollar life insurance arrangements entered into or materially modified after September 17 (www.treas.gov/press/releases/js726. htm). Treasury Assistant Secretary for Tax Pare Olson said: "Under these rules, companies cannot use (such arrangements) to provide tax-free compensation to their employees. By ensuring that (they) are appropriately taxed, the regulations curb a backdoor See trapdoor. form of executive compensation and promote greater transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. ." Corporations often have used such arrangements, which consist of an agreement between two parties to share the premiums and/or benefits of a life insurance policy. |
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