12 June 2023Analysis

IRS deadline looms for microcaptive comments

The deadline for people to send in comments about the Internal Revenue Service (IRS)’s proposed regulations identifying micro-captive transactions as abusive tax transactions is imminent.

All comments regarding the proposed regulations, which have been criticised by a wide range of groups, must be submitted to the IRS by the end of Monday June 12.

A public hearing on these proposed regulations is scheduled to be held by teleconference on July 19, 2023, at 10 a.m. ET. Requests to speak and outlines of topics to be discussed at the public hearing must be received by June 12, 2023.

According to the IRS if no outlines are received by June 12, 2023, the public hearing will be cancelled. Requests to attend the public hearing must be received by 5 p.m. ET on July 17, 2023.