Life Insurance and S Corporations: Know the Rules
S Corporations are a popular entity for business owners and they often need or want to purchase life insurance. There are some tricky issues that can come up with life insurance and S Corporations, so it is extremely important to understand the rules, traps and potential issues. Even many LLCs elect to be taxed as S Corporations, so knowing the rules and traps for the unwary under Subchapter S is critical to the CPA, lawyer and insurance expert.
This fast paced technical course will cover the following topics:
- General taxation of S Corporations and their shareholders
- Traps for the unwary with S Corporations and life insurance
- Life insurance as an employee benefit for non-shareholders and for over 2% shareholders
- Corporate owned life insurance rules, including the non-deductibility of premiums and employer owned life insurance rules
- Understanding the S-Corp basis rules during life and at death
- How corporate owned life insurance premiums impact the shareholders' basis in their shares
- How life insurance death benefits impact the shareholders' basis in their shares
- How life insurance impacts an S Corporation's accumulated adjustments account (AAA) and other adjustments account (OAA)
- How former C-Corps can be caught in the E&P Trap when a death benefit is paid
- Converting C Corporations to S Corporations and how life insurance ties into accumulated earnings and profits (E&P)
- S corporation buy-sell agreements, including stock redemption plans and how to obtain an increase to stock basis with a Short Tax Year Election Buy-Sell
- Does split dollar work for S Corporation shareholders
- Does nonqualified deferred compensation work for S Corporation shareholders
There will be no CE for this webinar
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Michael Geeraerts, CPA, JD, CGMA, CLU is an advanced planning consultant at The Guardian Life Insurance Company of America. Prior to joining Guardian, Michael was a manager at PricewaterhouseCoopers LLP and a tax consultant at KPMG LLP. Michael’s experiences range from preparing tax returns for middle market companies, auditing mutual funds’ financial statements, to researching unique tax savings strategies for various companies. Michael has written articles for numerous national publications and has delivered continuing education courses to CPAs and attorneys on a variety of estate, business, and income tax planning strategies.