Unlocking the Mystery of IRS Micro Captive Letter!  831b Admin
Channel: SRA 831(b) Admin
Date: 25/03/2020

We recently became aware that the IRS has sent letters to Micro Captive owners asking them to respond.  

After speaking to our attorneys, this appears to be nothing more than a scare tactic from the IRS and it comes with pretty poor timing considering many of these programs will prove to be a lifeline with the current COVID-19 situation.

Summary: 

In this conversation, Matt Carlson, the president and founder of Strategic Risk Alternatives (now 831(b) Admin), discusses updates regarding the IRS letters sent to clients involved in micro captive or reinsurance company ownership. He reassures clients that no immediate action is required and that the letters are likely part of a fishing expedition by the IRS. The conversation touches on the purpose of the letters, the new fraud enforcement office within the IRS, and the need for guidance from the IRS in light of the COVID-19 pandemic. Matt Carlson expresses frustration with the IRS's tactics and emphasizes the importance of the 831(b) program for small businesses. He mentions the role of lawyers and CPAs in promoting the program and the negative perception the IRS has created around it. The conversation highlights the need for self-regulation within the industry and the potential benefits of the program for business owners. Matt Carlson also expresses his disappointment with the government's handling of the situation and their lack of support for small businesses during these challenging times. The conversation concludes with a call for business owners to stay resilient and for advisers to understand the program and not solely rely on the IRS's perspective.
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