Episode Summary: 

Derek explains the IRS's rigorous scrutiny of residency claims, highlighting the invasive nature of audits and the importance of understanding the three tests used to determine bona fide residency. The discussion also covers the challenges faced by remote workers and online businesses in maintaining compliance with IRS regulations. Listeners will gain valuable insights into the documentation required for audits and the common pitfalls to avoid, ensuring they are well-prepared to navigate the intricacies of Puerto Rican residency.

Key Timestamps:

About the Show: 

With a focus on clarity and practical advice, the podcast aims to demystify the often daunting world of taxes, offering listeners the knowledge they need to make informed decisions. Whether you're a business owner, tax professional, or simply interested in understanding tax issues, It's Taxing- The IRS Podcast provides valuable content to help you stay ahead.

For more information, visit our website: 

Episode Summary: In this episode of It's Taxing - The IRS Podcast, hosts Derek W. Kaczmarek, a former IRS senior trial attorney, and Lisa Mosbey delve into the complexities of captive insurance arrangements. They explore why these arrangements have become a significant focus for the IRS and the implications for businesses involved. Derek explains the legitimate use of captive insurance companies for small to medium-sized businesses and the tax benefits under code section 831(b). The discussion highlights the IRS's scrutiny of these arrangements, particularly focusing on risk distribution and the real-world operations of captives. Listeners gain insights into the characteristics that differentiate compliant captives from those challenged by the IRS, and the role of actuaries and other expert witnesses in litigation. This episode is essential for business owners and advisors navigating the intricate landscape of captive insurance and tax compliance.

Key Timestamps:

About the Show: It’s Taxing - The IRS Podcast is a comprehensive resource for individuals and businesses navigating the complexities of tax law and IRS regulations. Hosted by former IRS attorneys, the show offers expert insights into tax disputes, compliance, and planning strategies. Each episode breaks down intricate tax topics into understandable discussions, providing listeners with practical advice and the latest updates in tax law. Whether you're a business owner, tax professional, or simply interested in understanding the tax landscape, this podcast delivers valuable information with clarity and depth.

For more information, visit our website: