Taxpayers engaged in micro-captive insurance arrangements (and re-insurance arrangements) have started receiving correspondence directly from the Large Business and International (LB&I) division of the IRS. The correspondence asks taxpayers to […]
The U.S. Department Of Justice Files Suit To Enforce An IRS Summons Against The Delaware Department Of Insurance For Artex Transactions On June 19, 2020, the Tax Division of the […]
The IRS correspondence received by taxpayers has caused confusion as to how to respond and whether a taxpayer’s micro-captive insurance arrangement will be respected. Taxpayers still engaged in a micro-captive […]
CIC Services has suggested that the Internal Revenue Service’s (IRS) “scare tactics” have left businesses unprepared amid the current COVID-19 pandemic. The captive management company explained that in light of […]
On April 22, 2020, in a statement made by email to a tax reporter, the IRS announced an extension of the due date to respond to its letters of inquiry […]
for micro captive filing positions The Internal Revenue Service (IRS) has extended the deadline for the micro-captive insurance filing positions from 4 May to 4 June 2020 due to the […]
… that it plans to begin auditing several thousand more taxpayers that have operated section 831(b) or micro-captive insurance companies in the coming months. The IRS has been aggressively pursing […]
that it plans to begin auditing several thousand more taxpayers that have operated section 831(b) or micro-captive insurance companies in the coming months. The IRS has been aggressively pursing taxpayers […]
Anyone who has received an IRS offer to settle a micro-captive insurance audit should immediately consult an experienced tax lawyer to understand the pros and cons of the offer before […]
Just a few years ago, captive insurance companies were a hot news item in the arcane world of abusive tax shelters. Sleazy promoters were signing up small businesses in droves. […]
The IRS is offering a settlement to up to 200 taxpayers currently under audit for abusive micro-captive insurance transactions following three court wins backing the government’s position.
According to the IRS, nearly 80% of taxpayers who received a time-limited settlement offer elected to accept the settlement terms.
Mr. Wallach, Thank you very much for providing me with this information. I will review it next week and, I’m sure, be in touch. I very much appreciate your help” […]
Under scrutiny are so-called tax shelter captives, where the promoter dummies up insurance policies and risks so that the captive owners can artificially generate large deductions. It’s important to understand that […]
Shortly after the Internal Revenue Service (IRS) again warned taxpayers to “steer clear” of unscrupulous promoters selling abusive micro-captives as part of its annual “Dirty Dozen” listing and the IRS […]
From discussions with IRS Representatives, we’ve learned that the IRS is currently opening a large number of captive audits. If you are a taxpayer who has come under audit by […]
The IRS continues to heavily scrutinize captive insurance arrangements. Certain captive insurance types have consistently appeared on the IRS Dirty Dozen list. Micro-captives in particular have been identified as potential […]
The IRS has now obtained victories in cases involving both forms of small captives
The Internal Revenue Service announced today the mailing of a time-limited settlement offer for certain taxpayers under audit who participated in abusive micro-captive insurance transactions. Taxpayers eligible for this offer […]
For the third consecutive year, the IRS places abusive micro-captive insurance tax shelters on its list of “Dirty Dozen” tax scams.