IRS Increases Audits of Section 79, 419, 412i and Captive Insurance | Section 79 Plans

IRS Increases Audits of Section 79, 419, 412i and Captive Insurance | Section 79 Plans: In recent years, the IRS has identified many of these arrangements as abusive devices to funnel tax deductible dollars to shareholders and classified these arrangements as "listed transactions." These plans were sold by insurance agents, financial planners, accountants and attorneys seeking large life insurance commissions. In general, taxpayers who engage in a "listed transaction" must report such…