In Chief Counsel Advice 200524001, the IRS concluded that a sole proprietor purchasing health insurance in his or her own name CAN treat the insurance as if purchased in the name of the business. Assuming that the requirements of IRC SEC 162(1) are met, the proprietor can claim an above-the-line deduction for insurance premiums. But in an article dated 5/15/06 and appearing at https://www.irs.gov/business/small/a...571049,00.html - it is noted that this will not work for to sole S corporation shareholder/employee who purchases the health insurance in his or her name. In that cas, the S corporation has not established a plan to provide medical care coverage, the shareholder is not treated ad as self-employed, and the shareholder is not eligible for the Section 162(1) above the line deduction.
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Web
site I will try one more time https://www.irs.gov/businesses/small...157049,00.html That is my last try at it. -
Forget
the web-it comes up as not found.Comment
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Web Site
Try this one. Type in: taxsites.com Then click on Federal, then choose.Comment
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Jon
This subject was discussed just a few days ago at http://www.thetaxbook.com/forums/showthread.php?t=2485Comment
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