Find out how we Guide you through these times We bring over 30 years of professional expert advice with our team of consulting CPA's, Attorneys and former IRS agents. We have experience providing expert witness testimony and other services for clients with captive insurance problems.
CONTACT OUR NATIONAL OFFICE – We're here to help find the answers and create the solutions you need. Don't let yourself get buried in details.
How IRS Audits Managers Suspected Of Abusive Tax Practices like Captive Insurance
The managers being audited predominantly managed smallish “mini-captive” insurance companies, i.e., those which have made the 831(b) election which is available if they receive less than $1.2 million in premiums. The managers being audited place the vast bulk, if not all, of their captives into so-called “risk pools” so as to provide at least 50% third-party insurance so as to meet risk diversification requirements, and those risk pools have had few if any significant claims. Some of the managers have reputations in the captive industry as being sellers of “tax shelter captives”, which means that the captive is primarily being sold to clients as a tax-mitigation tool with only lip-service paid to the insurance and risk-management function of those entities (which is their true primary purpose, at least for real captives) Continue Reading
Understanding Captive Insurance Problems and IRS Audits
If you were using a Section 79 plan, 412(i) plan, or 419 plan and have received a notice that you are being audited by the IRS you may be subject to huge fines and penalties. Get help with this problem before the IRS takes all your money. Am I at Risk? IF YOU USE ONE OF THE FOLLOWING, YOU MAY BE: Sadi Trust Professional Benefits Trust PBI Sea Nine VEBA Bisys The Beta Plan The Millennium Plan Benistar Niche The Ridge Plan The Compass Welfare Benefit Plan Section 79 Plans Captive Insurance The Grist Mill Trust Other similar 412(i) retirement plans and 419 welfare benefit plans Contact our office or read more if you have concerns about your own or your company's retirement plan or welfare benefit plan.
Captive Insurance Problem
ReplyDeleteFind out how we Guide you through these times
We bring over 30 years of professional expert advice with our team of consulting CPA's, Attorneys and former IRS agents. We have experience providing expert witness testimony and other services for clients with captive insurance problems.
CONTACT OUR NATIONAL OFFICE – We're here to help find the answers and create the solutions you need. Don't let yourself get buried in details.
Contact Lance Wallach Today. Call 516-938-5007
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How IRS Audits Managers Suspected Of Abusive Tax Practices like Captive Insurance
The managers being audited predominantly managed smallish “mini-captive” insurance companies, i.e., those which have made the 831(b) election which is available if they receive less than $1.2 million in premiums.
The managers being audited place the vast bulk, if not all, of their captives into so-called “risk pools” so as to provide at least 50% third-party insurance so as to meet risk diversification requirements, and those risk pools have had few if any significant claims.
Some of the managers have reputations in the captive industry as being sellers of “tax shelter captives”, which means that the captive is primarily being sold to clients as a tax-mitigation tool with only lip-service paid to the insurance and risk-management function of those entities (which is their true primary purpose, at least for real captives)
Continue Reading
Understanding Captive Insurance Problems and IRS Audits
If you were using a Section 79 plan, 412(i) plan, or 419 plan and have received a notice that you are being audited by the IRS you may be subject to huge fines and penalties. Get help with this problem before the IRS takes all your money.
Am I at Risk?
IF YOU USE ONE OF THE FOLLOWING, YOU MAY BE:
Sadi Trust
Professional Benefits Trust PBI
Sea Nine VEBA
Bisys
The Beta Plan
The Millennium Plan
Benistar
Niche
The Ridge Plan
The Compass Welfare Benefit Plan
Section 79 Plans
Captive Insurance
The Grist Mill Trust
Other similar 412(i) retirement plans and 419 welfare benefit plans
Contact our office or read more if you have concerns about your own or your company's retirement plan or welfare benefit plan.