The formation of captive insurance companies is a common practice among the Fortune 500 companies. Many small to mid-sized companies have utilized captive insurance structures for tax and business purposes. With this growth, the Internal Revenue Service has been aggressively attacking small to mid-sized companies that utilize captive insurance structures. For those businesses being examined for setting up an illegal captive insurance company, the Internal Revenue Service can assess significant taxes, penalties, and interest. It is more important than ever to have audit representation and have an experienced attorney to help with your captive insurance compliance.
At Diosdi Ching & Liu, LLP, we have extensive experience with captive insurance companies. We have previously legally established captive insurance companies and we have defended captive insurance companies before the Internal Revenue Service. If you have a captive insurance company that is being examined by the Internal Revenue Service, contact the tax attorneys at Diosdi Ching & Liu, LLP. Even if your captive insurance company is not under examine, do not wait until the Internal Revenue Service commences an audit, let the tax attorneys at Diosdi Ching & Liu, LLP review your captive insurance company to determine if it complies with the Internal Revenue Code. We can review the following:
- We can review the captive insurance risk pool to determine if it complies with current case law, regulations, and the Internal Revenue Code;
- We can examine your captive insurance insured risks;
- We can evaluate your audit risks;
- Review and examine areas of concern.