Jay Adkisson, of Adkisson Pitet LLP, has made available for download his article, “Former Microcaptive Promoter Sues IRS After Being Assessed With $11 Million In Section 6700 Penalties,” published in Forbes Magazine. The abstract is as follows:
Back in 2017, I wrote about the prolific microcaptive promoter Celia Clark who decided to terminate her law firm’s captive insurance practice after her captive insurance risk pool failed rather spectacularly in the Avrahami case. Today brings us to an interesting complaint filed by Ms. Clark in the U.S. District Court of the Southern District of Florida against the U.S. Internal Revenue Service, in which Ms. Clark is seeking to avoid “more than $11 million in penalties that the IRS has assessed against attorney Celia Clark for her role in advising and assisting with the establishment of so-called “microcaptive” insurance companies for her clients.”
Posted by Isabella King, Associate Editor, Wealth Strategies Journal.