Micro captives named as potential ‘abusive tax scheme’ in GAO report

Sean King, JD, CPA of CIC Services was recently interviewed by Captive Insurance Times (CIT) on a recent release from the GAO regarding offshore transactions and captive insurance.  Sean points out that the recent release from the GAO provides “no new information,” and the IRS continues to refuse to provide guidance to the captive insurance industry.  Even though Congress has provided clear guidance on captive insurance, the IRS instead prefers to create fear, uncertainty and doubt because it knows the vast majority of captive owners would follow any lawful and reasonable guidance published.

CLICK HERE to read the entire article in CIT.