IRS Urges Participants in 'Abusive' Micro-Captives to Get Out Now
IRS Urges Participants in ‘Abusive’ Micro-Captives to Get Out Now April 9, 2021 Internal Revenue Service officials are again urging participants in “abusive” micro-captive insurance arrangements to exit these transactions as soon as possible. The IRS considers that many micro-captive arrangements are not really about insurance. The IRS has stepped up examinations of these arrangements in recent years. In 2020, the agency deployed 12 micro-captive examination teams to substantially increase the examinations of ongoing abusive micro-captive insurance ...
Source: insurancejournal.com