WASHINGTON –– The Internal Revenue Service today described the new information reporting requirements for certain life insurance contracts under new IRC 6050Y, which was added by the Tax Cuts and Jobs Act (TCJA).

Taxpayers who discover they made mistakes or omissions on their tax return can correct them by filing an amended tax return. Those who need to amend should remember these tips:

WASHINGTON — While the federal income tax-filing deadline has passed for most people, there are some taxpayers still facing tax-related issues. This includes people who still haven’t filed, people who haven’t paid their taxes or those who are waiting for their tax refund.

Taxpayers needing more time to file their taxes can get an automatic six-month extension from the IRS.

There are a few different ways taxpayers can file for an extension.

Many U.S. corporations elect to use a fiscal year end and not a calendar year end for federal income tax reporting purposes.