The IRS has initiated audits of hundreds of taxpayers with captive insurance companies and is also examining practitioners that are assisting CICs with compliance. For those businesses and practitioners found uncompliant with IRS standards, the consequences are severe and could include understatement and negligence penalties, as well as potential unwinding of the captive formation and loss of important tax benefits. If you or your client's CIC is already facing IRS examination, now is the time to let our experts defend your interests in the following areas: Audit defense Substantiation and documentation assistance Risk assessment of your captive (pooling analysis) Audit readiness Strategic help on future compliance For those seeking to protect their CIC, don't wait until the IRS starts an examination to ensure you are up to code. With a staff that includes former IRS commissioners, experienced litigators and tax and legal specialists, alliantgroup's Tax Controversy Services team can help ensure that you or your client's CIC is fully compliant and in line with IRS standards. Our services include: UTP review FIN 48 analysis Review and prepare areas of concern Analysis of foreign bank report filings Review of foreign bank report filings Internal procedures and best practices consultation RS audit/exam representation State audit/exam presentation Substantiation and documentation assistance Evaluation of insured risks Compliance review Risk pool review
The IRS has initiated audits of hundreds of taxpayers with captive insurance companies and is also examining practitioners that are assisting CICs with compliance. For those businesses and practitioners found uncompliant with IRS standards, the consequences are severe and could include understatement and negligence penalties, as well as potential unwinding of the captive formation and loss of important tax benefits.
ReplyDeleteIf you or your client's CIC is already facing IRS examination, now is the time to let our experts defend your interests in the following areas:
Audit defense
Substantiation and documentation assistance
Risk assessment of your captive (pooling analysis)
Audit readiness
Strategic help on future compliance
For those seeking to protect their CIC, don't wait until the IRS starts an examination to ensure you are up to code. With a staff that includes former IRS commissioners, experienced litigators and tax and legal specialists, alliantgroup's Tax Controversy Services team can help ensure that you or your client's CIC is fully compliant and in line with IRS standards. Our services include:
UTP review
FIN 48 analysis
Review and prepare areas of concern
Analysis of foreign bank report filings
Review of foreign bank report filings
Internal procedures and best practices consultation
RS audit/exam representation
State audit/exam presentation
Substantiation and documentation
assistance
Evaluation of insured risks
Compliance review
Risk pool review