I don't think Keith even writes this stuff, he just reads it. It's as if somebody skimmed an insurance textbook and then tried to make sense of it. Or should I say nonsense of it.
He really does not know what he is talking about....LOL....Secret policies.....hahahahahaha
Deduction on loans to pay for insurance is denied under IRC Section 264(a)(3) except in limited cases and even then it can be denied by the IRS.
The Pension Protection Act of 2006 (PPA) which, added Section 101(j) to the Internal Revenue Code, applicable to policies issued after August 17, 2006, is that the proceeds of EOLI are taxable income to the extent they exceed premiums paid; fortunately, however, there are exceptions to this basic rule that apply to the types of transactions which we typically handle for our clients, specifically, policies insuring the business owners themselves and/or their key employees. However, in order to activate these exceptions and keep the life insurance proceeds income tax-free, the principal new requirement is that the insured’s consent must be obtained in writing before any application is taken. In addition, pursuant to IRC Section 60391, a simple informational tax form, Form 8925, must be filed annually with the employer’s federal tax return as long as any such policies remain in force.
This guy should get his facts straight before making an idiot of himself on TV.
"This guy should get his facts straight before making an idiot of himself on TV."
Why? it's not the general public knows enough to call BS. Keith is like so many on the airwaves, just say a bunch of nonsense and somebody believes it. The only people he pisses off when he talks that way is us, the people in the business. We have to be correct, he doesn't, he has a show.
"This guy should get his facts straight before making an idiot of himself on TV."
Why? it's not the general public knows enough to call BS. Keith is like so many on the airwaves, just say a bunch of nonsense and somebody believes it. The only people he pisses off when he talks that way is us, the people in the business. We have to be correct, he doesn't, he has a show.
Olbermann is a hoot. My favorite Olbermann-ism is: "He's a right-wing water-carrier."
And you're what, Keith, an "objective journalist"?
Now that's funny - I'm surprised he kept it just to water. You'd a thunk he would have said "right-wing redneck, racist, NASCAR-loving beer-carrier". Poor Olberman. Must be tough to go from sportscaster to spokeshole. You lose some of your artistic license.
Wow. I work some in the corporate benefits markets. I stoped counting (and watching) after the 15th false statement!!! This piece has even more bs and falsaties in it than his usual clips! Its sad that some people actually believe what this man says.....of course I could say the same for his counterparts on FOX...its time americans stoped listening to these extremist "entertainers" on tv to get their news!
The only company I actually ever heard of that would fall under what he is talking about here is Walmart. But still not exactly as is described here.
Walmart has (and may still) taken out WL policies on their rank and file employees and borrowed back the CSV from those policies. Not executive benefits level stuff, simply WL on the entire rank and file employee population.
The only company I actually ever heard of that would fall under what he is talking about here is Walmart. But still not exactly as is described here.
Walmart has (and may still) taken out WL policies on their rank and file employees and borrowed back the CSV from those policies. Not executive benefits level stuff, simply WL on the entire rank and file employee population.
Not sure if they are still doing that or not.
"Unfortunately" they're not doing that any more to the detriment of rank and file employees' benefits (much of which has been reduced since the debacle).
The real issue was with the deductibility of interest that was paid on premium financing for these policies. IRS not only changed their mind on the deductibility but required "back taxes" to be paid that have already been deducted.
What these sheeple (aka employees) don't understand is that COLIs are used to finance their own benefits. Don't like COLI? OK no more benefits.
The only company I actually ever heard of that would fall under what he is talking about here is Walmart. But still not exactly as is described here.
Walmart has (and may still) taken out WL policies on their rank and file employees and borrowed back the CSV from those policies. Not executive benefits level stuff, simply WL on the entire rank and file employee population.
Not sure if they are still doing that or not.
This helped coin the term "bag boy" or "janitor" insurance, because even the bag boys and janitors where being included in coli policies...lol
Keith Oberman Attacks COLI
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