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The tax implications of board insurance benefits

first_imgAre insurance benefits provided to board members considered taxable income? The answer is largely “yes,” but also, “it depends.”“The general rule under the tax code is something provided in return for services rendered is taxable income to the recipient (board member),” says R. Scott Richardson, JD, CLU, ChFC, president/CEO, IZALE Financial Group, a CUES Supplier member in Elgin, Illinois. “However, insurance benefits can be treated differently.”Richardson explains that while the value of accident and health insurance is not taxable for employees, it will likely be taxable for board members.“There are narrow exceptions where it would not be taxable income,” so consulting a tax advisor is worthwhile, he says. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more