(8) CAPTIVE INSURANCE LIES? | LinkedIn: CAPTIVE INSURANCE LIES?
Published on December 3, 2019
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Speaker,author at VEBA LLC
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I was an expert witness against the man that wrote this article. The captive 831b plan that he sold got audited by the IRS AND LOST IN TAX COURT, lANCE WALLACH
By: Sean Gregory King, JD, CPA, MAcc There’s an old saying among frequent users of the Internet: “Don’t feed the trolls”. By this is meant, don’t respond to people who deliberately make controversial or misleading statements (as doing so just gives them the attention or business that they crave and don’t deserve). I try to honor this advice when I can. But occasionally I feel compelled to feed a troll in order to keep the public from being misled. You see, the problem with trolls is…sometimes they wear a disguise. In fact, by all appearances, some trolls may even appear to the uninformed public to be unbiased “experts” on the matters upon which they opine. Believe it or not, some trolls are even lawyers. Take, for example, attorney Jay Adkisson. About once a quarter or so, Jay decides to publish some pretty scary and confusing things about captive insurance companies—things which
Brocho-_xx
ReplyDelete1 month ago
Examinations impacting micro-captive insurance transactions of several thousand taxpayers will be opened by these teams in the coming months. Potential civil outcomes can include full disallowance of claimed captive insurance deductions, inclusion of income by the captive entity and imposition of all applicable penalties.
The IRS reminds taxpayers and advisors that disclosure of participation in micro-captive insurance transactions is required with the IRS Office of Tax Shelter Analysis under Notice 2016-66. Failure to properly disclose can result in significant civil penalties. Taxpayers involved in these abusive transactions should immediately consult with independent, competent tax advisors on the proper treatment for past and future tax years to consider best available options.
Google Lance Wallach and whoever advises you, WHO do YOU Believe?
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