Yes you can deduct premiums for life insurance premiums paid on a group life insurance plan that you offer your employees. You can deduct premiums that pay for up to $50,000 in death benefit to your employee.
If you have employees to whom you offer more than $50,000 in death benefit, you can continue to deduct the premium, but the employee will need to recognize the cost of insurance above $50,000 as income (this is referred to as imputed income). If the employee does not do this, than any death benefit above $50,000 would be taxable as income to the beneficiary.
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If you have employees to whom you offer more than $50,000 in death benefit, you can continue to deduct the premium, but the employee will need to recognize the cost of insurance above $50,000 as income (this is referred to as imputed income). If the employee does not do this, than any death benefit above $50,000 would be taxable as income to the beneficiary.