FBAR, OVDI, Captive Insurance, Section 79 Plans, Section 79 Scams, Tax Payer, Lance Wallach Expert Witness, IRS Fines
IRS audits Cryptocurrency, Conservation Easements and Captive Insurance
Last year, the IRS’ audit division identified cryptocurrencies as one of five areas where taxpayers could easily avoid taxes. IRS Criminal Investigations head Don Fort has said the agency will soon announce criminal tax evasion cases involving digital currencies.
With the increased reporting requirements, IRS audits of conservation easement transactions have greatly increased. Instead of working collaboratively with taxpayers to seek a reasonable resolution, Revenue Agents are being directed to disallow deductions no matter what. With a high percentage of cases headed to litigation, taxpayers need to take every step to protect themselves now. With the increased reporting requirements, IRS audits of easement transactions have greatly increased. Instead of working collaboratively with taxpayers to seek a reasonable resolution, Revenue Agents are being directed to disallow deductions no matter what. With a high percentage of cases headed to litigation, taxpayers need to take every step to protect themselves now.
The Internal Revenue Service says it’s forming 12 audit teams to go after what it sees as “several thousands” abusive micro-captive insurance arrangements.
The new examination teams will be made up of employees from the IRS Large Business and International and Small Business/Self-employed divisions, IRS officials announced Friday.
“These teams will use all available enforcement tools, including summonses, to obtain necessary information,” the IRS said in the announcement. ”Potential civil outcomes can include full disallowance of claimed captive insurance deductions, inclusion of income by the captive entity and imposition of all applicable penalties.”
The IRS has been expressing concerns about micro captives for years, and it put the arrangements on its “Dirty Dozen” problem tax arrangements list for 2014.
Lance Wallach has received hundreds of phone calls to help people in captive insurance fight the IRS and get their money back from the promoters of these scams.
516-236-8440
Wallachinc@gmail.com
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