IRS Extends Form 712 for Taxing Life Insurance Values on Death
Published Date: 2/18/2025
Notice
Summary
The IRS wants to keep using Form 712, which helps figure out the value of life insurance for taxes when someone passes away. This affects businesses and for-profit groups who fill out the form, with no changes to the form itself but a big increase in the time it takes to complete—over 1.4 million hours total! You’ve got until April 21, 2025, to share your thoughts on this paperwork extension.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Big Increase in Form 712 Paperwork Burden
The IRS is renewing its use of Form 712 (Life Insurance Statement) and reports no change to the form itself, but says estimated burden hours increase by 332,400 hours. The form affects businesses and other for-profit organizations, with an estimated 60,000 respondents each taking about 24 hours and 13 minutes, for a total annual burden of 1,452,600 hours; comments are due April 21, 2025.
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