Not sure if this is the appropriate group to post this question.
Is there a tax reporting requirement for former employees that were covered under BOLI (Bank Owned Life Insurance). When would we report on a 1099-MISC? The former employee is still living.
Our employees covered by our BOLI get a 1099-R. This if for all employees, retired and still working. I don't know much about BOLI's and I am sure every one is different, but that is what we give.