IRS Offers To Settle Microcaptive Insurance Tax Abuse Cases

By Joshua Rosenberg (September 16, 2019, 12:37 PM EDT) -- The IRS said Monday it has begun sending letters to up to 200 companies it says engaged in abusive microcaptive insurance transactions offering to settle open investigations into the arrangements in exchange for forgoing tax benefits and agreeing to penalties.

The IRS has started sending letters to up to 200 companies the agency says took part in abusive microcaptive insurance arrangements. (iStock) The time-limited offers from the Internal Revenue Service would allow companies to settle cases in which the agency alleges they set up sham in-house insurance arrangements to take advantage of a provision in the tax code that allows small insurance...

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