Clock Ticking for Micro-Captives Considering IRS Settlement Offer (2)

Taxpayers who have used a certain insurance arrangement to dodge taxes have a small window for accepting a recent settlement offer from the IRS.

The Internal Revenue Service in a Sept. 16 news release said its offer—available to only some taxpayers who participated in abusive micro-captive insurance arrangements—is time-limited.

“That means hurry,” said David J. Slenn, a partner at Shumaker, Loop & Kendrick LLP and a former chair of the American Bar Association’s captive insurance committee. Taxpayers who receive an offer from the IRS should contact their advisers immediately to determine it if it makes sense for them to ...