INCOME TAX Notice 2016–66 Notice 2016–66 This notice identifies certain “micro-captive transactions” and substantially similar transactions as transactions of interest for purposes of § 1.6011–4(b)(6) of the Income Tax Regulations and §§ 6111 and 6112 of the Internal Revenue Code. This notice also alerts persons involved in such transactions to certain responsibilities and penalties that may arise from their involvement with these transactions.
abusive micro-captive insurance shelters and abusive syndicated conservation easements Published on March 13, 2020 Edit article View stats call firstStatus is online call first Speaker, author expert witness at VEBA LLC 218 articles The Internal Revenue Service today warned taxpayers to steer clear of abusive tax avoidance schemes and the unscrupulous individuals who promote them. Three variations of these schemes – abusive trusts, abusive micro-captive insurance shelters and abusive syndicated conservation easements -- are featured in the final installment of this year's "Dirty Dozen."
Taxpayers are reminded that those who participate in illegal schemes may face prosecution, civil litigation and ultimately having to pay all taxes owed along with stiff penalties and interest. Participants who utilize such schemes for tax evasion also risk imprisonment.
The three schemes described in today's release all start with a legitimate tax-planning tool that is improperly distorted almost always by a promoter to produce benefits that are too good to be true and ultimately seriously compromise the taxpayer. Taxpayers should be highly skeptical of such claims.
Abusive tax evasion schemes involving trusts Changes in bank secrecy laws of foreign jurisdictions have revealed a plethora of foreign tax evasion schemes involving trusts, and the IRS is actively examining these cases, as well as a variety of tax
abusive micro-captive insurance shelters and abusive syndicated conservation easements Published on March 13, 2020 Edit article View stats call firstStatus is online call first Speaker, author expert witness at VEBA LLC 218 articles The Internal Revenue Service today warned taxpayers to steer clee DOJ Press Release 18-1672.
INCOME TAX
ReplyDeleteNotice 2016–66 Notice 2016–66
This notice identifies certain “micro-captive transactions” and substantially similar transactions as transactions of interest for purposes of § 1.6011–4(b)(6) of the Income Tax Regulations and §§ 6111 and 6112 of the Internal Revenue Code. This notice also alerts persons involved in such transactions to certain responsibilities and penalties that may arise from their involvement with these transactions.
abusive micro-captive insurance shelters and abusive syndicated conservation easements
ReplyDeletePublished on March 13, 2020
Edit article
View stats
call firstStatus is online
call first
Speaker, author expert witness at VEBA LLC
218 articles
The Internal Revenue Service today warned taxpayers to steer clear of abusive tax avoidance schemes and the unscrupulous individuals who promote them. Three variations of these schemes – abusive trusts, abusive micro-captive insurance shelters and abusive syndicated conservation easements -- are featured in the final installment of this year's "Dirty Dozen."
Taxpayers are reminded that those who participate in illegal schemes may face prosecution, civil litigation and ultimately having to pay all taxes owed along with stiff penalties and interest. Participants who utilize such schemes for tax evasion also risk imprisonment.
The three schemes described in today's release all start with a legitimate tax-planning tool that is improperly distorted almost always by a promoter to produce benefits that are too good to be true and ultimately seriously compromise the taxpayer. Taxpayers should be highly skeptical of such claims.
Abusive tax evasion schemes involving trusts
Changes in bank secrecy laws of foreign jurisdictions have revealed a plethora of foreign tax evasion schemes involving trusts, and the IRS is actively examining these cases, as well as a variety of tax
abusive micro-captive insurance shelters and abusive syndicated conservation easements
ReplyDeletePublished on March 13, 2020
Edit article
View stats
call firstStatus is online
call first
Speaker, author expert witness at VEBA LLC
218 articles
The Internal Revenue Service today warned taxpayers to steer clee DOJ Press Release 18-1672.