Business Owner at National Offices of Lance Wallach
The IRS, on November 1, 2016, issued Notice 2016-66 identifying a specified captive insurance company design qualified under Internal Revenue Code section 831(b) as a “transaction of interest.” As such those captive insurance companies have a disclosure obligation that, if not done or not done properly, can potentially lead to significant penalties.Those taxpayers owning and using any 831(b) captive need to be aware of this obligation to determine if they might be covered by it and, if so, what they need to do now and going forward.
Have a CPA with years of doing the disclosures who is an ex IRS agent help you, or risk IRS problems. Do NOT use anyone associated with or referred from the captive, to file. They do NOT represent you, they protect the captive. This is very important. I have received hundreds of phone calls with this problem. If the forms are done wrong, or if there is any problem the taxes are very large. As an expert witness I have never lost a case but you do not want to find this out. Google Lance Wallach and anyone giving you different information. Who do you believe?
831b captive disclosure, 2933 views, 43 likes
ReplyDeleteBusiness Owner at National Offices of Lance Wallach
The IRS, on November 1, 2016, issued Notice 2016-66 identifying a specified captive insurance company design qualified under Internal Revenue Code section 831(b) as a “transaction of interest.” As such those captive insurance companies have a disclosure obligation that, if not done or not done properly, can potentially lead to significant penalties.Those taxpayers owning and using any 831(b) captive need to be aware of this obligation to determine if they might be covered by it and, if so, what they need to do now and going forward.
Have a CPA with years of doing the disclosures who is an ex IRS agent help you, or risk IRS problems. Do NOT use anyone associated with or referred from the captive, to file. They do NOT represent you, they protect the captive. This is very important. I have received hundreds of phone calls with this problem. If the forms are done wrong, or if there is any problem the taxes are very large. As an expert witness I have never lost a case but you do not want to find this out. Google Lance Wallach and anyone giving you different information. Who do you believe?