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Life Insurance and S Corporations: Know the Rules



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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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Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished) is a partner with Keebler & Associates, LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planners & Councils. He has been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. Mr. Keebler is the past Editor-in-Chief of CCH's magazine, Journal of Retirement Planning, and a member of CCH's Financial and Estate Planning Advisory Board. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals. In the past 20 years, he has received over 250 favorable private letter rulings including several key rulings of first impression. Mr. Keebler is nationally recognized as an expert in estate and retirement planning and works collaboratively with other experts on academic reviews and papers, and client matters. Mr. Keebler is the author of over 75 articles and columns and editor, author, or co-author of many books and treatises on wealth transfer and taxation, including the Warren, Gorham & Lamont of RIA treatise Esperti, Peterson and Keebler/Irrevocable Trusts: Analysis with Forms. Mr. Keebler is the Chair of the AICPA's Advanced Estate Planning Conference. He is a featured columnist for CCH's Taxes Magazine - Family Tax Planning Forum. Bob is also a contributing author to the American Bar Association's The ABA Practical Guide to Estate Planning. Robert.Keebler@KeeblerandAssociates.com


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.


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