IRS Launches Promoter Audits Of Captive Managers Suspected Of Abusive Practices

We have now discovered that in 2013 the IRS finally launched its long-anticipated investigation of the managers of smallish insurance companies. This has finally culminated in the IRS issuing notices this year that it is conducting so-called "promoter audits" of these manager, and serving subpoenas that request a broad swath of information regarding these captives.