MADISON, Wis. (AP) - Gov. Jim Doyle unveiled a plan Wednesday to exempt all health insurance premiums from state taxes, a break that he said would save families who qualify hundreds of dollars per year. The governor said the plan would cost $50 million per year and would be included in his proposed budget next year if he wins re- election. The plan would need legislative approval.
To: BUSINESS EDITORS Contact: Jonas Roeser, Senior Vice President of Marketing & Operations of LTC Financial Partners, 1-866-471-4072, or Dick Samson of EraNova Institute, +1-973-335-3699, media@eranova.com, for LTC Financial Partners
Uncertainty about tax results is an ever-present obstacle to business transactions despite the extensive number of Internal Revenue Code sections and Treasury Regulations. Some insurance companies now provide an insurance product to protect taxpayers against adverse tax consequences from proposed transactions. Ironically, this new insurance product, labeled "tax insurance," poses uncertain tax consequences itself. This Article argues that if the adverse tax consequences arise (that is, the taxpayer has additional tax liability) and the insurance company is contractually required to cover that liability, the tax insurance proceeds are not includable in the insured's gross income. As part of the reasoning that underlies this conclusion concerning tax insurance, the Article examines and de...
... to be taxed to the recipient and whether premiums paid for a tax policy are deductible. Part IV cons...
... policies with the Security Trust Insurance Company (STIC) that might be fraudulent tax shelte... payor was thus sheltered from taxation--premiums paid for business insurance are tax-deductible as ...
Captive insurance companies are often overlooked and misunderstood because their costs and benefits are not simple to explain. In its simplest form, a captive is a privately held insurance company that insures a business. The concept of enterprise risk management has bought captives to the forefront of risk management practices. Consider, however, that those additional risks were always there; they were simply risks that were self-insured. FASB Interpretation 48, Accounting for Uncertain Tax Positions, has made it imperative for CPAs to determine if a transaction requires disclosure in a company's financial statements. Furthermore, captive insurance companies can be a powerful year-end planning tool because insurance premiums are deductible and insurance companies receive favorable tax ...
... a competing insurer, to purchase health insurance from Blue Cross exclusively for six years. The hos..., likely resulting in higher insurance premiums and lower-quality service for Montana consumers in...pocket costs, such as deductibles, co-payments, and coinsurance; customer service; a...
The much anticipated legislation making private mortgage insurance (PMI) premiums tax-deductible finally passed with the Mortgage Insurance Fairness Act last month. PMI is a monthly premium attached to a mortgage payment for folks whose down payment is less than 20 percent. The logic is simple: The larger the down payment, the bigger the spread between the value of the collateral and the loan size. Borrowers are less likely to default on their mortgage and ultimately lose their home if they have 20 percent (or more) equity at stake.
.... * Long-term medical care expenses and premiums for long-term care insurance may be deductible as ...
If a health plan is "grandfathered," then the new law doesn't impact it President [Obama] regularly said that "if you like your health plan, you can keep it." He is correct. However, if your grandfathered health plan has made any "significant changes" such as cost increases to deductibles or co-payment, your plan may have lost its grandfathered status. If this has happened, then the above new regulations, penalties and changes will start to apply.
... and businesses purchase medical insurance. These health care changes will be felt by all hou... than their current health care insurance premiums. For example, in 2009 the typical small business p...
..., homeowners had to buy lenders mortgage insurance or private mortgage insurance. In the late 1990s, ... income tax, whereas mortgage insurance premiums were not deductible until 2007. The homeownership ...
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