I posted the below in the other section - but, figured I would post here too and generate some fights, I mean some heated debate.
[COLOR="DarkRed"]I am writing a FE policy for the owner of a small business with 4 employees.
He wants to provide $50 single - $100 family a month to each employee to be sure they have Life Insurance to provide protection to their family just as he is for his family.
I have never done this. Questions:
1) He doesn't want to be the Payor or anything else. Is his "bonus" tax deductible to his business?
2) Is the "bonus" taxable to the employee?
Source of insurance-forums.net
[COLOR="DarkRed"]I am writing a FE policy for the owner of a small business with 4 employees.
He wants to provide $50 single - $100 family a month to each employee to be sure they have Life Insurance to provide protection to their family just as he is for his family.
I have never done this. Questions:
1) He doesn't want to be the Payor or anything else. Is his "bonus" tax deductible to his business?
2) Is the "bonus" taxable to the employee?
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