Is Life Insurance For Corporate Officers Tax Deductible
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Jul 27, 2017 · Officer and employee life insurance are deductible to the company if the officers and employees themselves are the beneficiaries. However, this doesn't provide any financial benefit for the company in the event of a death. If the company itself is a beneficiary under the contract, the premiums are not deductible.
Jan 01, 2018 · The officer life insurance premiums are not deductible so they are backed out as a “book expense not deductible”. Then the proceeds would be recorded as “book income not taxed”. In recent years the IRS came out with Form 8925 to report more information on life insurance contracts.
Premiums paid by a taxpayer on a life insurance policy are not deductible from the taxpayer 's gross income, even though they would otherwise be deductible as trade or business expenses, if they are paid on a life insurance policy covering the life of any officer or employee of the taxpayer, or any person (including the taxpayer) who is financially interested in any trade or business carried on by the …
Mar 06, 2015 · It is CERTAINLY POSSIBLE for the benefit to be tax free. PREMIUMS, if that's your question, Life insurance premiums CAN often be deducted for most types of non-qualified plans, such as deferred compensation or executive bonuses. Usually, the premiums are considered compensation for key executives under the rules of these plans.5/5(50K)
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