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Captive Insurance Times Quotes Rachel Partain: Advisers Should Act Now on Notice 2016-66

November 28, 2016, Captive Insurance Times

Advisers should not take a “wait and see” approach to the Internal Revenue Service’s (IRS) Notice 2016-66, according to Rachel Partain, member of law firm Caplin & Drysdale.

Partain suggested that advisers should begin collecting information and preparing forms in earnest, given the significant penalties.

. . .

Partain said: “Contacting the IRS with questions regarding how to interpret some unclear aspects of the notice might result in the IRS issuing a clarified notice with a new due date, similar to the reissued basket option contract transaction notices in 2015.”

. . .

Partain said: “An extension of the 30 January 2017 due date would allow captive managers and the certified public accountants for the insureds and business owners sufficient time to coordinate a consistent response and ensure that the necessary disclosures are filed properly and timely, especially given that managers may be focusing on policy renewals and restructuring ownership structures in order to qualify under section 831(b) beginning in 2017.”

To view the full article, please visit Captive Insurance Times’ website.

Excerpt taken from the article “Advisers Should Act Now on Notice 2016-66” by Becky Butcher for Captive Insurance Times.

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Having celebrated our 50th Anniversary in 2014, Caplin & Drysdale continues to be a leading provider of tax, tax controversy, and litigation legal services to corporations, individuals, and nonprofits throughout the United States and around the world. We are also privileged to serve as legal advisors to accounting firms, financial institutions, law firms, and other professional services organizations.

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