VEBA PLAN LLC leverages its years of experience with protecting taxpayers to help its clients navigate the complex world of captive insurance compliance, with its team of former high-ranking IRS executives, key congressional personnel and experienced litigators ensuring that each client has the strongest defense possible in the event of an audit.Doing What's Best For You Or Your ClientWhether You Are A CPA...If your client has a captive, you need to evaluate whether they are compliant or not. The IRS is looking at business owners with captives, as well as the CPAs and financial advisors that serve them.Let us help you and your client.Or A Business Owner...It doesn’t matter if you’re under audit or not, making sure your captive is compliant should be top priority.alliantNational can help lower the risk of the IRS cracking down on your insurance arrangement, and will dramatically improve your case against the agency if you are audited.What Is A Captive Insurance Company?Insurance costs can be a big problem for successful companies. Oftentimes a company may find that third party insurance is commercially unavailable or the commercial insurance that is available may be overly expensive. A company can put up its own capital to form a wholly owned subsidiary insurance company to solve these problems. These types of subsidiaries are known as captive insurance companies.Captive insurance companies can not only fill in gaps in existing coverage but they also provide deductibles on existing coverage. Contributions to the captive insurance company can also be tax deductions under Internal Revenue Code section 831(b). Captive insurance companies also provide pricing stability and program control. Small Captives are on the IRS hit list and are being audited. Want to fight IRS and get all your money back from the promoter who sold you the abusive Captive. As an expert witness Lance Wallach has never lost a case. His partners have decades of experience working for the IRS and as tax professors.
Captive Insurance And The IRS The IRS continues to heavily scrutinize captive insurance arrangements. Certain captive insurance types have consistently appeared, including in 2019, on the IRS’s “Dirty Dozen” list of tax scams to avoid. Micro-captives in particular have been identified as potential vehicles for illegal tax shelters and the IRS is keen to crack down.
If the IRS believes that a captive insurance company is claiming deductions for non-insurance activities they will litigate. This includes going after captive insurance companies that are claiming unreasonable premium deductions. If the captive insurance company cannot show that they are distributing risk, selling insurance, shifting risk, or whether transactions involved insurance risk then that captive could be a target for the IRS.
Captive Insurance And The IRS The IRS continues to heavily scrutinize captive insurance arrangements. Certain captive insurance types have consistently appeared, including in 2019, on the IRS’s “Dirty Dozen” list of tax scams to avoid. Micro-captives in particular have been identified as potential vehicles for illegal tax shelters and the IRS is keen to crack down.
If the IRS believes that a captive insurance company is claiming deductions for non-insurance activities they will litigate. This includes going after captive insurance companies that are claiming unreasonable premium deductions. If the captive insurance company cannot show that they are distributing risk, selling insurance, shifting risk, or whether transactions involved insurance risk then that captive could be a target for the IRS.
VEBA PLAN LLC leverages its years of experience with protecting taxpayers to help its clients navigate the complex world of captive insurance compliance, with its team of former high-ranking IRS executives, key congressional personnel and experienced litigators ensuring that each client has the strongest defense possible in the event of an audit.Doing What's Best For You Or Your ClientWhether You Are A CPA...If your client has a captive, you need to evaluate whether they are compliant or not. The IRS is looking at business owners with captives, as well as the CPAs and financial advisors that serve them.Let us help you and your client.Or A Business Owner...It doesn’t matter if you’re under audit or not, making sure your captive is compliant should be top priority.alliantNational can help lower the risk of the IRS cracking down on your insurance arrangement, and will dramatically improve your case against the agency if you are audited.What Is A Captive Insurance Company?Insurance costs can be a big problem for successful companies. Oftentimes a company may find that third party insurance is commercially unavailable or the commercial insurance that is available may be overly expensive. A company can put up its own capital to form a wholly owned subsidiary insurance company to solve these problems. These types of subsidiaries are known as captive insurance companies.Captive insurance companies can not only fill in gaps in existing coverage but they also provide deductibles on existing coverage. Contributions to the captive insurance company can also be tax deductions under Internal Revenue Code section 831(b). Captive insurance companies also provide pricing stability and program control. Small Captives are on the IRS hit list and are being audited. Want to fight IRS and get all your money back from the promoter who sold you the abusive Captive. As an expert witness Lance Wallach has never lost a case. His partners have decades of experience working for the IRS and as tax professors.
ReplyDeleteCaptive Insurance And The IRS
ReplyDeleteThe IRS continues to heavily scrutinize captive insurance arrangements. Certain captive insurance types have consistently appeared, including in 2019, on the IRS’s “Dirty Dozen” list of tax scams to avoid. Micro-captives in particular have been identified as potential vehicles for illegal tax shelters and the IRS is keen to crack down.
If the IRS believes that a captive insurance company is claiming deductions for non-insurance activities they will litigate. This includes going after captive insurance companies that are claiming unreasonable premium deductions. If the captive insurance company cannot show that they are distributing risk, selling insurance, shifting risk, or whether transactions involved insurance risk then that captive could be a target for the IRS.
Captive Insurance And The IRS
ReplyDeleteThe IRS continues to heavily scrutinize captive insurance arrangements. Certain captive insurance types have consistently appeared, including in 2019, on the IRS’s “Dirty Dozen” list of tax scams to avoid. Micro-captives in particular have been identified as potential vehicles for illegal tax shelters and the IRS is keen to crack down.
If the IRS believes that a captive insurance company is claiming deductions for non-insurance activities they will litigate. This includes going after captive insurance companies that are claiming unreasonable premium deductions. If the captive insurance company cannot show that they are distributing risk, selling insurance, shifting risk, or whether transactions involved insurance risk then that captive could be a target for the IRS.