IRS Notice 2016-66
As many of you may know, the IRS has issued a notice in November labeled Notice 2016-66. This Notice requires all individuals with a company that uses the tax section 831(b) (micro captives) to report that they have these companies to the IRS. We here at BDC are actively trying to have Car Dealers exempt from this Notice, which is what caused the extension until May.
Lawmaker Requests Delay of Microcaptive Reporting Duties