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Video instructions and help with filling out and completing Form 8886 captive insurance
Welcome everyone to see some bonds money but name of the game I'm your host Steve survived syndicated financial comest and money colour commentator on today's show the IRS perspective part three in our series on captive insurance companies a business alternative with author speaker and nationally recognized captive insurance company expert what sir welcome to segment three Russ thank you for having oh I have to bring up the IRS don't I now I noticed that you were telling me a couple years back the every year they seem to have a meeting and all the people that are in a captive in Triscuit like yourself everybody goes to this meeting to find out any nuances in the code any changes in the regulations as Congress made any new law we have to kind of know what's going on and their engagements I've noticed out of the internet when you talk about catheters there are a plethora of companies out there claiming that they know what they're doing and so forth and it seems like the IRS is going after many of these companies because they seem to have irregular practices you have a very studious way of approaching this it's academic and more than that it complies with the law let's talk about the IRS first and what are they looking at in captives right now there's some promoter audits out there for captive insurance companies now I don't necessarily see that as a bad thing because as you mentioned when I got into the business of captives and this is all we do we don't manage money we never touch product we don't ever touch people's accounts do any of that we've just or strictly a manager people that used to sell for 19 for 12 eyes you know vivaz for 19 a of sixes you know their income went down when the IRS put those on the list of transactions so as a result now they're captive insurance experts because they thought this was a perfect way to sell life insurance and there were carriers out there that did it too and that's really what raised the IRS is iron in this whole thing and you know there's there's I would say there's two different sides of captive insurance company there's people that are very very good at risk management and that's the marshes and the a onto the world that are insurance X and then you have tax people who just know the tax benefits of insurance companies and those are the people who really don't understand the products that they're selling they don't understand property casualty insurance mm-hmm so they're out there selling hurricane coverage in Wisconsin you know I I was somebody came to me was an orthopedic surgeon in upstate New York and his he was making a million dollars a year and wanted to put away eight hundred because that's all you know all of that was extra profit and.