Wednesday, May 27, 2009
IRS Sets Out Limits for Employer-Owned Life Insurance Expense
The Internal Revenue Service (IRS) has, in Notice 2009-48, set limits on expenses for employer-owned life insurance that policyholders can deduct from their gross income.
In the notice, the IRS defined "employer-owned life insurance contract" and presented guidance in a question-and-answer format on exceptions to the provisions, notice and consent requirements, a transition rule, reporting requirements, and the effective date of the guidance.
The Notice provides a definition of “employer-owned life insurance contract” as a life insurance contract that (1) is owned by a person engaged in a trade or business, and under which such person (or a related person) is directly or indirectly a beneficiary under the contract, and (2) covers the life of an insured who is an employee of the applicable policyholder (generally the person who owns the contract) on the date the contract is issued...
PlanAdviser: IRS Sets Out Limits for Employer-Owned Life Insurance Expense
In the notice, the IRS defined "employer-owned life insurance contract" and presented guidance in a question-and-answer format on exceptions to the provisions, notice and consent requirements, a transition rule, reporting requirements, and the effective date of the guidance.
The Notice provides a definition of “employer-owned life insurance contract” as a life insurance contract that (1) is owned by a person engaged in a trade or business, and under which such person (or a related person) is directly or indirectly a beneficiary under the contract, and (2) covers the life of an insured who is an employee of the applicable policyholder (generally the person who owns the contract) on the date the contract is issued...
PlanAdviser: IRS Sets Out Limits for Employer-Owned Life Insurance Expense
Permalink posted by markw @ 4:42 AM 
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