Tag: IRS

Senate Report Reveals Tax Loopholes in Special Life Insurance Plans

Angela Linders
life insurance

In an era when tax strategies of the rich and powerful are under increasing scrutiny, a recent Senate report featured in The Washington Post, has shone a stark light on the life insurance market — not for its widely acknowledged benefits, but for its exploitation as a tax shelter by America’s wealthiest. The traditional purposes of life insurance, including estate planning and providing non-taxable benefits to heirs, are well-understood. Yet, as the Senate Finance Committee revealed, a niche offering known as Private Placement Life Insurance (PPLI) propels these advantages into…

Read More

Businesses turn to tax insurance to cover themselves from unfavorable rulings

Nordstrom
Tax insurance - Business People

Underwriters and brokers are seeing their busiest year ever from companies buying these policies. Governments worldwide have been cracking down on companies that have been avoiding their taxes, and businesses are now buying tax insurance more than ever before in order to protect themselves against a costly dispute or unfavorable ruling. This year has proven to be a record-breaking year for the number of policies purchased for this reason. According to brokers and underwriters, by the close of December, this year will have seen the most tax insurance policies. This…

Read More

Small insurance companies facing scrutiny receive IRS deal offer

G. Turner
InsuranceBee and Hiscox launch insurance agent partner program

The goal of the deal is to ensure tax payment plus interest in exchange for dropping the case. The I.R.S. has offered small insurance companies under tax avoidance scrutiny a way to avoid penalties through a new offer. This offer would give the insurers the opportunity to pay all outstanding back taxes – in addition to interest – in order to close their cases and face no further penalties. The Internal Revenue Service is working to help to correct the tax avoidance and prevent it in the future. The small…

Read More

More grad students could lose their health insurance coverage

Marc
Georgia Health Insurance exchange

Grad students from University of Georgia may lose insurance subsidies Grad students at the University of Georgia are expressing concern that they may be losing their access to health insurance subsidies provided by the federal government. Per federal law, all U.S. citizens, including grad students, must have health insurance coverage. For many students, however, the only way to afford coverage is to take advantage of subsidies created through the Affordable Care Act. Grad students from other universities have already lost their subsidies, which has put others on edge when it…

Read More

Grad students in Missouri are losing their health insurance subsidies

Marc
health Insurance IRS

Grad students are suffering under some provisions of the Affordable Care Act Grad students from the University of Missouri have lost the health insurance subsidies that they received through the Affordable Care Act. According to the university, grad students are considered by the Internal Revenue Service, which manages federal subsidies for insurance coverage, to be “employees.” As such, many of them are not eligible to receive subsidies from the government. Grad students that have lost access to subsidies may not be able to afford the insurance coverage that they currently…

Read More