New York Times: Lowest Chance of An IRS Audit in a Decade

NY Times Article - Lowest Chance of IRS Tax AuditMarch 3, 2015 (Houston, TX) - Earlier this week, Internal Revenue Service Commissioner John Koskinen issued a statement regarding the decreased rate of audits that the Service has conducted in recent years. Budget cuts have compelled the IRS to reduce the number of tax audits last year to the lowest level in a decade. Read the article here.

"The math is pretty simple," Koskinen said in a speech to the New York State Bar Association. "There are fewer audits because we have fewer auditors." The agency is also considering shutting down operations for two days later this year — after tax season — resulting in unpaid furloughs for employees and service cuts for taxpayers, Koskinen said.

The Feldman Law Firm LLP, the affiliated law firm of Capstone Associated Services, Ltd., has successfully guided captive insurers administered by Capstone through IRS audits, IRS Appeals and the U.S. Tax Court. This collaborative team has implemented and managed over 175 captive insurance projects since 1998 and has received favorable rulings or determinations in more than TAX_CONTROVERSIES substantive reviews by the IRS. To be sure, Capstone is in favor of the Service's continued taxpayer audits which ensure taxpayer compliance with the law and which has vetted Capstone's and the Firm's work over what is approaching two decades.

The Firm offers its services on a case-by-case basis to those who are involved in varying stages of tax inquiries with the Internal Revenue Service in the captive insurance area. Unlike other so-called "captive managers," we are committed to providing true turnkey captive and alternative risk planning services to the midmarket, including tax, legal, insurance, and regulatory services. In contrast, a "captive manager" is usually an administrator offering clerical services and not a tax CPA, tax lawyer, or corporate lawyer, leaving the alternative risk planning incomplete.

To learn more, please contact either Steven D. Cohen or Logan R. Gremillion, tax attorneys with the Firm or complete the short form below.

Editor’s Notes: As of CURRENT_YEAR, Capstone has been operating for CAP_YEARS_NUMBER years and has formed over CAPTIVE_FORMATIONS captives. As of CURRENT_YEAR, The Feldman Law Firm has been operating for LAW_YEARS_NUMBER years and has successfully resolved over TAX_CONTROVERSIES tax matters. As of CURRENT_YEAR the cap on 831(b) captive insurance premiums is CURRENT_PREMIUM_CAP.

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