IRS Names Microcaptives as Top Abusive Tax Scheme

The IRS is growing increasingly uncomfortable that an increasing number of smaller companies and professional firms have been doing what larger companies do - creating their own or joining a captive insurer. The IRS believes some of these smaller companies are creating these so-called "microcaptives" in order to lower their taxable incomes and not to insure against risks.

http://ift.tt/1HsUSKZ