IRS Still Open to Comments on Micro-Captive Insurance Reporting

May 31, 2018, 11:27 PM

The IRS is still considering criticisms that a 2016 notice is too broad in calling for taxpayers to disclose certain captive insurance transactions, agency officials said.

The agency is listening to the feedback even though it has no plans to back down from a campaign targeting abusive captive insurance deals—at a time when the agency is evaluating some of its campaigns after the 2017 tax overhaul.

If taxpayers think that the notice goes too far in calling for disclosure, “come in and tell us,” Helen Hubbard, Internal Revenue Service associate chief counsel (Financial Institutions & Products), said May ...

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