On September 16, 2019 the Internal Revenue Service announced the mailing of a limited time settlement offer for certain taxpayers who participated in abusive micro-captive insurance transactions and are being audited.
Following recent U.S. Tax Court cases, the IRS has opted to offer settlements to taxpayers currently under exam. The IRS has begun sending notices to as many as 200 taxpayers.
Taxpayers who are offered this private resolution and decline to participate will not be eligible for any potential future settlement initiatives. Those who are eligible for this offer will be notified by letter with the applicable terms. Those who do not receive such a letter are not eligible for this resolution.
Taxpayers who receive letters under this settlement offer, but who opt not to participate, will continue to be audited by the IRS under its normal procedures. Potential outcomes may include full disallowance of captive insurance deductions, inclusion of income by the captive, and imposition of all applicable penalties.
IRS Notice 2019-59, published today, announced changes to dollar limitations applicable to qualified retirement plans as adjusted for cost-of-living adjustments for 2020. Now, employees enrolled in 401(k), ...
The IRS would like to remind tax return preparers to renew their Preparer Tax Identification Numbers (PTINs) before they expire on December 31, 2019.
“Last year we issued more than 813,000 PTIN’s and ...
The Gear Up Room Block Closes October 14!
Timing is running out to book your room for NSA’s Gear Up 1040! Book your room by October 14 th , 2019 and take advantage of the group rate of $124/night! ...
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