alliantgroup Featured in Accounting Today Article on Captive Insurance

The use of captive insurance by U.S. companies to manage costs and risks and realize tax benefits has been a legitimate activity for years. However, with the IRS recently adding captive insurance to its annual “Dirty Dozen” list of tax scams for the 2015 filing season, the Service has recently focused significant audit resources on small and mid-market companies that are forming small or “micro” captive insurance companies.

In a new article in Accounting Today, “Captive Insurance on the IRS Dirty Dozen List – What Every CPA Needs to Know”, former IRS Acting Commissioner and alliantgroup National Director of Tax, Steven Miller, and alliantgroup Managing Director of Tax Controversy, John Dies, discuss the Service’s recent crackdown on micro captive insurance companies and what this means for those who have, promote or manage micro captives. According to both Miller and Dies, several audits of micro captive insurance companies are already underway and those found non-compliant run the risk of severe penalties from the IRS.

alliantNational, alliantgroup’s national practice, provides subject matter expertise on complex and emerging federal, state and international tax issues as well as legislative and regulatory affairs to help businesses receive timely and precise guidance on all their tax matters. Contact us today to learn how your business can benefit from alliantgroup’s tax consulting services.

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alliantgroup offers companies expert consulting services regarding research and development, manufacturing, exporting, energy-efficient design, and hiring in certain established enterprise zones.