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  • Employer Owned Life Insurance - Notice And Consent Form.pdf

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This is a specimen document only. Its legal and tax consequences must be reviewed and approved by qualified legal and tax counsel before it is utilized for any purpose. EMPLOYER OWNED LIFE INSURANCE.

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Related content

Form 8925 - Internal Revenue Service
To qualify as an employer-owned life insurance contract, the policyholder must meet the...
Learn more
IRB 2009-24 - Internal Revenue Service
Jun 15, 2009 — Insurance Contracts. 26 CFR 1.6039I–1: Reporting of certain employer...
Learn more
Corporate-owned life insurance - Wikipedia
Corporate-owned life insurance (COLI), is life insurance on employees' lives that is owned...
Learn more

Related links form

IRS 1040 - Schedule 8812 2017 IRS 1040 - Schedule 8812 2016 IRS 1040 - Schedule 8812 2015 IRS 1040 - Schedule 8812 2014

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Employer-owned life insurance contract. For purposes of Form 8925, an insurance contract is an employer- owned life insurance contract if it is owned by a policyholder as defined below, and covers the life of the policyholder's employee(s) on the date the life insurance contract is issued.

In general, an employer-owned life insurance contract is a life insurance contract that is owned by a person engaged in a trade or business and under which that person is a beneficiary under the contract, and that covers the life of an insured who is an employee on the date the contract is issued.

Form 712 (“Life Insurance Statement”) is a supplemental form the IRS requests whenever a life insurance policy must be valued for gift tax purposes on the Form 709 (Gift Tax return) or for estate tax purposes on the Form 706 (Estate Tax return).

IRC §101(j) established rules for the taxation of these employer-owned policies. Compliance with IRC §101(j) is necessary if the employer-owned death benefit is to be received income tax-free. §101(j) dictates that in order for a business to receive income tax-free death benefit proceeds from an employer-owned policy…

About Form 8925, Report of Employer-Owned Life Insurance Contracts | Internal Revenue Service.

The IRS has not issued definitive guidance on the penalty, if any, for the failure to timely file Form 8925. However, it appears the failure to file Form 8925 would likely result in a failure to file penalty of $50 for each instance of failing to comply with a “specified information reporting requirement.”

More In Forms and Instructions Form 712 is filed by executors with Form 706, 706-NA, or 709 for insurance policy or premium amounts.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232