Tag Archives: Insurance

Theft Loss

Today TaxMama® hears from Pierre in the TaxQuips Forum, with this issue. “In 2012, an S-Corp had an employee who stole cash from them through the inventory and sales. They own a NAPA Auto Parts store. They have camera tapes on him and have reported the theft to NAPA. They did not report the theft […]

Overpaid Life Insurance

Today TaxMama® hears from Kresha in the TaxQuips Forum, with this problem.  “My friend received a 1099-Misc for money from a life insurance company. They said they overpaid her when her husband died, but didn’t supply any proof; nor did she send any money back to them. Now she has received a 1099-Misc – box […]

Watch Today: Allianz Stole Premiums from Concentration Camp Victims

On Friday afternoon, February 15, at 5 pm Eastern Time, Huffington Post Live will have a program on the Holocaust insurance issue. Holocaust Survivor Foundation (HSF) leaders Leo Rechter and Ivar Segalowitz will be live in the NYC studio with the moderator, and eminent historian Edwin Black, author of IBM and the Holocaust, will participate, […]

Life Insurance

Today TaxMama® hears from Hernandez in the TaxQuips Forum with good question. “I am one of two partners in a architecture service partnership. We are considering using life insurance, specifically whole life, as a way to save excess cash and lower our taxes. Are payments for insurance considered business expenses for a partnership? What is […]

Medicare Premiums and SE HI Deduction

In a Chief Counsel Memorandum (CCM) dated May 1, 2012, released July 13, 2012, IRS addressed the issue of Medicare premiums and the self-employment health insurance deduction.     For years IRS has stated in its publications that Medicare premiums do not qualify for the self-employed health insurance deduction. In early 2011 IRS stated in its […]

1099 From Police

Today TaxMama® hears from Ted in the TaxQuips Forum with this story. “A police car was at fault in an accident and the city repaired the taxpayer’s car. The taxpayer got a 1099-misc for the amount of the repairs. The municipality insists it is correct and will not re-issue anything. The question is how to […]