So how exactly does insurance work? How do insurance companies make money?
In this video we will look into these questions and we will also learn about reinsurance and retrocession.
Watch more new videos about Insurance | Synthesized by Mindovermetal English
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The IRS previously identified abusive micro-captive insurance structures as involving certain small or “micro” captive insurance companies as possible tax avoidance vehicles in their “Dirty Dozen” list of tax scams.
IRS is auditing captives. For help fighting the IRS or getting your money back from the captive promoter, Lance Wallach has never lost a case.
516-236-8440
Wallachinc@gmail.com
Since micro-captive insurance companies were placed on the IRS “Dirty Dozen” list of tax scams in 2014 and identified as a transaction of interest in 2016, the IRS has continued to expand its enforcement efforts of what it views as abusive micro-captive insurance arrangements.
The IRS has been gathering information on taxpayers and instituted a new virtual currency compliance program in 2019. Here is an excerpt from one of their notices:
“We have information that you have or had one or more accounts containing virtual currency but may not have properly reported your transactions involving virtual currency, which include cryptocurrency and non-crypto virtual currencies.”
New IRS Notice 6174-A
The IRS clearly sees noncompliance on virtual currency transactions as a threat to the tax system.
As if the onslaught of recent losses in Tax Court was not enough, investors in syndicated conservation easements now have more to worry about. On August 25, 2020, the Senate Finance Committee released a bipartisan report condemning syndicated conservation easements as abusive and encouraging the IRS to take further action to ferret out such abuses.
Lance Wallach has received hundreds of calls, 516-236-8440 to fight IRS and sue the promotors of easement, captive, and cryptocurrency plans. Google him and your advisor, who do YOU trust? wallachinc@gmail.com
The IRS said Thursday it will be sending settlement offers with terms that are stricter than ones it offered last year under an earlier Micro-captive initiative. The IRS has been focusing on cracking down on certain types of tax avoidance schemes, such as syndicated conservation easements and Micro-captive insurance, while also stepping up tax enforcement efforts against holders of digital currencies such as Bitcoin and Ethereum, despite a decreasing number of IRS audits overall in recent years.
Does the more cars rule mean the more cars you insure, means crashes or accidents don’t add as much on to your insurance?
Very good summary. Are life insurance companies forced by law to cover things like suicide? I know some insurances companies impose a time lapse period before they cover it, but I don't see how suicide could be an insurable event in any case because the insured person has direct of the event occuring or not. Seems like such a policy is bound to incur losses (for that group of people who get insurance to pay out after suicide).
Hey,
I just started a petition "Eva Russell: Insurance Companies Should Fall Under The Anti-Trust Law" and wanted to see if you could help by adding your name.
My goal is to reach 100 signatures and I need more support. You can read more and sign the petition here:
https://www.change.org/p/eva-russell-insurance-companies-should-fall-under-the-anti-trust-law?recruiter=874437547&utm_source=share_petition&utm_medium=facebook_link&utm_campaign=share_for_starters_page
Thanks!
Eva
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