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https://pocketsense.com/officer-life-insurance-deductible-8558318.html#:~:text=Officer%20and%20employee%20life%20insurance%20are%20deductible%20to,under%20the%20contract%2C%20the%20premiums%20are%20not%20deductible.
https://pocketsense.com/officer-life-insurance-deductible-8558318.html
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.
https://myboyum.com/business-tax/officer-life-insurance/
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 …
https://www.insurist.com/life-insurance/are-life-insurance-premiums-a-deductible-business-expense/
The insureds must be employees or corporate officers under a group policy. The company CAN NOT be named as the beneficiary of the group life insurance policy. Only the first $50,000 of premiums paid are deductible. Anything after that is no longer deductible.
https://www.lifeant.com/can-i-claim-life-insurance-as-a-business-expense/
Therefore, it can be tax-deductible. For employees and officers of a business, if the premiums of a life insurance policy are paid for directly by the company, and the company is not a beneficiary (either direct or indirect), the premiums can be deducted as long as the death benefit is for the benefit of the employees.
https://affordablelifeusa.com/tax-deductible-life-insurance/
Is life insurance tax deductible for C Corporation? Life insurance owned by a C-corporation is a non-deductible expense according to Internal Revenue Code 264. So, life insurance owned by the shareholder and paid for by the C-corp is considered a taxable fringe benefit, either as wages or …
https://www.justanswer.com/tax/1kzpq-life-insurance-corporate-officer-tax-deductible.html
However you generally can deduct premiums you pay of insurance related to your trade or business such as - life insurance covering your officers and employees if you are not directly or indirectly a beneficiary under the contract. For instance if that is a life insurance coverage for key officers and if if the corporation itself is a beneficiary.
https://bizfluent.com/info-7899714-life-premiums-tax-deductible-corp.html
These are referred to as corporate-owned life insurance, or COLI for short. Although these insurance policies can greatly benefit a S corporation if it loses a key officer or director, the cost of monthly premiums is not deductible. On the upside, the S corporation isn't taxed on any life insurance proceeds and payments that it receives.
https://www.journalofaccountancy.com/issues/2000/jan/companyownedlifeinsurance.html
Generally, no deduction is allowed for interest paid or accrued on any debt with respect to company-owned life insurance policies covering current or former officers or employees of any current or former trade or business carried on by the company or any individual with a financial interest in such trade or business. Key persons.
https://www.thetaxadviser.com/issues/2016/apr/life-insurance-and-s-corporation-rules-present-opportunity-and-peril.html
Therefore, an S corporation that chooses to purchase term life insurance on key employees and/or owners receives no current tax deduction when it pays the premiums, but the death benefits will be tax-free when the insured dies.
https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/life-insurance/00/41326
Life insurance paid for officers and key employees where the company is the beneficiary are not deductible. Those premiums go on Sch M-1 - book expense not deductible.
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