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" ... The IRS has given a red light to microcaptive tax shelter promoters. ... "
" ... The IRS news release also states that their data indicates that a "significant number" of taxpayers caught up in microcaptive transactions "have exited the transaction", i.e., finally called it quits. But the news release also states that this summer "the IRS issued a new round of section 6112 letters to material advisors," which means that the IRS is continuing to ramp up its efforts to ferret out abusive microcaptive transactions and to build evidentiary files so as to wallop these taxpayers with the fullest penalties. ... "
" ... The hard truth is that the so-called microcaptive tax shelter industry utilizes a lot of — well, let's just call them what they are — corrupt co-conspirators. The industry requires actuaries who anticipate huge losses from year to year even though those losses have never actually materialized in any year, underwriters who intentionally draft policies so that nobody can figure out what is actually being covered, accountants who turn a blind eye to numerous red flags, lawyers who write opinion letters of dubious validity, and at the center of it all the captive managers who market, sell and keep the clients writing checks to everybody. ... "
" ... This opinion definitely represents a win for microcaptive managers and other professionals, insofar as class actions are a nuclear weapon that threatens to wipe out all defendants entirely, whereas now those defendants will only have to face independent arbitrations by each of these plaintiffs individually. It is a win for the microcaptive industry in the sense that this opinion will likely apply with equal fervor to other captive managers who had arbitration clauses in their agreements (and all but the dumbest did) and their associated professionals. ... "