Emboldened by significant victories in three Tax Court cases involving micro-captive insurance companies, on Jan. 31, 2020, the IRS announced that it is establishing 12 new examination teams to assist in the audits of abusive micro-captive insurance transactions. The IRS expects the audit teams to immediately begin new examinations that will impact several thousand taxpayers involved in micro-captive insurance transactions. The IRS also announced that it expects to hire an executive to coordinate and oversee… Continue Reading