According to former IRS Acting Commissioner Steven Miller, if your business has formed a captive insurance company that has elected small insurance status, there is a good chance that you will be hearing from the IRS.
In his article appearing in Accounting Today, “Small Captive Insurance Companies Hit the IRS Dirty Dozen List”, the former commissioner and alliantgroup’s current National Director of Tax warns both managers and owners of small captive insurance companies of the IRS’ recent crackdown on CICs. While Miller notes that small captive insurance companies (or CICs) can be perfectly legitimate tax structures, he outlines the IRS’ renewed focus on abuses in this particular area, highlighting the need for small businesses to take a proactive approach in ensuring their compliance with IRS guidelines.
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