In a recent report, the Government Accountability Office (GAO) assessed guidance from the IRS on complying with laws related to offshore insurance accounts. This included assessing the agency’s enforcement of noncompliance of offshore insurance-related entities, including micro-captive insurance tax shelters. “Tax evasion schemes involving offshore insurance are complex and resource-intensive for the IRS to pursue, making it important for the IRS to conduct compliance programs effectively,” the GAO said. While the IRS said its current oversight practices are sufficient, the GAO said the IRS’s “application of its review approaches could be enhanced.” Read the report: https://bit.ly/3ETBdH9
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