Insurance reimbursement refers to payments received from an insurer to cover expenses or losses. For an S-Corp, reimbursements related to business expenses are generally not taxable, as long as they do not exceed the original expense. However, any excess reimbursement over the original expense may be considered taxable income and must be reported accordingly. Ensure these transactions are recorded accurately during your S-Corp tax filing. Maintaining detailed records of claims, expenses, and reimbursements helps ensure compliance and avoids discrepancies during audits or tax reviews. Consult
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