Section 101j | Employer-Owned Life Insurance Compliance

What you need to know about IRS Code Section 101(j)

The Pension Protection Act of 2006 added Internal Revenue Code section 101(j), which changed some of the rules regarding the taxation of death proceeds from a life insurance policy that is owned by an employer on an employee’s life. Among other requirements, for the death benefit to be excluded from the business’ income, the employee must be exempt from 101(j) OR provide notice, consent, and the company reports the policy to the IRS annually.

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