Court Allows Deductions for Insurance in Owner’s Name
Since January 25, 2001, the IRS has instructed its lawyers and field force that the business owner who covers his or her spouse with a Section 105 medical reimbursement plan may not deduct the cost of any medical insurance purchased in the owner’s name as a plan expense. As we reported on page 4 of the August 2003 issue of Tax Reduction Letter (vol. 12. no. 8), we did not think that the ... Log in to view full article.