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The U.S. Government Accountability Office issued a report Friday stating the Internal Revenue Service could improve how it reviews its audits and investigations of microcaptive insurers, but the IRS disagrees.
IRS managers “have little guidance for when an audit should have a managerial report,” the GAO said. “IRS also could improve how it records and analyses its quality review of investigations,” it said.
The agency said it recommends that IRS clarify guidance on offshore microcaptive insurance audits and establish a formal review system for investigations.
“Conducting formal reviews more systematically would better ensure the quality” of its investigations, the agency said.
However, the GAO said the IRS “disagreed with the recommendations, stating that its current procedures are sufficient and citing resource constraints.”
The IRS on Thursday said it would make another settlement offer to microcaptive owners whom it alleges breached tax rules through their abuse of the alternative risk transfer vehicles.