Bloomberg Law
June 18, 2020, 8:05 PM

IRS Wasn’t Able to Mail 10% of Intended ‘Micro’ Insurer Letters

Allyson Versprille
Allyson Versprille

The IRS wasn’t able to mail about 10% of the total letters it planned to send to small insurance companies it views as possible tax shelters.

The agency in March sent letters to owners of the companies, known as micro-captives, inquiring about the status of their operations and asking them to notify the IRS if they have stopped claiming deductions or other tax benefits for their arrangements. The agency also advised the letter recipients to consider consulting an independent tax adviser and possibly amending prior returns.

  • “We will be sending those soon,” Douglas O’Donnell, commissioner of the IRS’s Large ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.