Republicans Blast IRS Crackdown on Micro-Captive Transactions

House Republicans on the Ways and Means Committee are urging IRS Commissioner Danny Werfel to reconsider proposed regulations they say would get rid of a tax benefit for small captive insurance companies.

Reps. Beth Van Duyne (R-Texas), Brad Wenstrup (R-Ohio), Ron Estes (R-Kan.), Carol Miller (R-W.Va.), David Kustoff (R-Tenn.), Greg Steube (R-Fla.), Randy Feenstra (R-Iowa), and Mike Carey (R-Ohio) wrote to Werfel expressing support for a tax break for captive insurance companies. The lawmakers expressed concern that proposed regulations that detail what kind of micro-captive insurance transactions must be disclosed to the government would eliminate the benefit for most companies. ...