I suppose this Bloomberg article is talking about the high-end version of H&R Block's Peace of Mind coverage?
Tax Insurance May Serve as a Salve to Fears of IRS Enforcement
It takes the position that instead of trying to get a Private Letter Ruling (PLR), just get insurance coverage instead, it's faster and easier.
I'm not sure if it covers only additional tax assessments, or penalties/interest as well.
While you can't buy "jail insurance" for criminal convictions, I suppose there is nothing against evading civil penalties via insurance coverage? Or is there?
And if there is a payout, am I correct that it (the payout from the insurance company) will be considered taxable income?
Tax Insurance May Serve as a Salve to Fears of IRS Enforcement
It takes the position that instead of trying to get a Private Letter Ruling (PLR), just get insurance coverage instead, it's faster and easier.
I'm not sure if it covers only additional tax assessments, or penalties/interest as well.
While you can't buy "jail insurance" for criminal convictions, I suppose there is nothing against evading civil penalties via insurance coverage? Or is there?
And if there is a payout, am I correct that it (the payout from the insurance company) will be considered taxable income?