Texas plastic firm sues IRS over new guidelines

Steven Quance, Drake Plastic’s president, established Drake Insurance coverage in North Carolina to deal with protection gaps his enterprise confronted. Regardless of 9 IRS audits of Drake-related entities and Quance’s household – all concluding with out discovering irregularities – the company disallowed the corporate’s 2020 captive insurance coverage premium deduction, claiming the association lacked “financial substance.”