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STEVEN TOSCHER, MICHEL STEIN and CORY STIGILE to speak on Captive Insurance Companies: Where Are We Going After the IRS Victories

We are pleased to announce that three of our principals Steven Toscher, Michel Stein and Cory Stigile will be speaking at the upcoming CPAacademy webinar on Captive Insurance Companies: Where Are We Going After the IRS Victories, Tuesday, June 30 2020, 1:00 pm PST.

The Internal Revenue Service (IRS) began sending contact letters in April reminding certain taxpayers that it has their information relating to deductions claimed for micro-captive insurance arrangements. The letters asked taxpayers who stopped claiming deductions to provide certain information under penalty of perjury, including the final year a micro-captive deduction was claimed. As for those taxpayers continuing to participate in micro-captive insurance transactions, the IRS recommends that the taxpayer consult an independent competent tax advisor on the proper treatment of past and future tax years and consider best options for any improperly claimed deductions, including the filing of amended returns.

These letters followed the IRS announcement in January stating that IRS enforcement activity in this area will be significantly increased.  The IRS announcement also warned that examinations impacting micro-captive insurance transactions of several thousand taxpayers will be opened by these teams in the coming months.  Potential outcomes can include full disallowance of claimed captive insurance deductions, inclusion of income by the captive entity and imposition of all applicable penalties.

This webinar will guide tax professionals and advisers on critical issues relating to micro-captive insurance transactions and the IRS, including strategies for defending these transactions during the IRS Examination. IRS Appeals and court litigation.  For those taxpayers in receipt of the IRS contact letters, the program will also explore what proactive opportunities to take proactive, corrective measures may assist in avoiding onerous examinations and/or steep penalties that could otherwise be asserted.

For full programming details Click Here.

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