Captive Insurance
For the third consecutive year, the IRS places abusive micro-captive insurance tax shelters on its list of “Dirty Dozen” tax scams. IRS takes next step on abusive micro-captive transactions; nearly 80 percent accept settlement, 12 new audit teams established
The IRS today warned taxpayers to steer clear of abusive tax avoidance schemes and the unscrupulous individuals who promote them. Abusive tax shelters
Abusive tax shelters, trusts and conservation easements make IRS’ “Dirty Dozen” list of tax scams to avoid.
IRS Attacks Business Owners that participate in a 419 plan, 412i plan, Section 79 or a Captive Insurance. Under Section 6707A
Taxpayers who previously adopted any of the following plans, 419, 412i, captive insurance or Section 79 are in trouble.
In recent years, the IRS has identified many of these plans as abusive devices to funnel tax deductible dollars to shareholders and classified these arrangements as listed transactions.