On Monday, March 2, former IRS Acting Commissioner and alliantgroup National Director of Tax, Steven Miller, and former Senior Counsel to the U.S. Senate Finance Committee and alliantgroup National Managing Director, Dean Zerbe, participated in a roundtable discussion hosted by the American Bar Association (ABA). Joined by seven other experts in the realm of captive insurance, the panel reviewed a number of recent actions taken by the IRS as well as the Senate Finance Committee in regards to micro captive insurance companies.
During the hour-long roundtable, the panel discussed the addition of micro captive insurance abuse to the IRS’s “Dirty Dozen” scams list for 2015, the proposed amendments to Section 831(b) and Senator Charles Grassley’s (R-IA) request that the U.S. Treasury Department “perform a study on the abuses of captive insurance for estate planning purposes.”
“The IRS is looking hard at captive insurance to make sure it looks and acts like insurance,” said Miller while discussing the IRS’s review process. “alliantgroup is representing before the IRS a number of companies that have utilized captive insurance and it is clear that the IRS wants to understand how the captives are promoted and marketed as well as administered.”
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