US EditionSRA 831(b) Admin & Drake File Lawsuit Against IRS Over Abusive Regulatory Overreach
- SRA 831 Admin, Drake Insurance, and Drake Plastics filed a lawsuit against the IRS in 2025 over final regulations issued on January 10, 2025, targeting 831 captive insurance plans.
- The lawsuit responds to a decade-long pattern of IRS harassment, including burdensome audits and inconsistent oversight aimed at the 831 industry, culminating in the new regulations.
- SRA highlights a 2022 promoter audit demanding extensive records, a five-year unresolved Private Letter Ruling, and thousands of manual disclosures filed since 2017 despite no audits or feedback.
- SRA President Dustin Carlson expressed concern that the regulations fail to distinguish between genuine businesses managing legitimate risks and those attempting to exploit tax loopholes, leading to a negative impact on prudent risk management practices.
- The legal action aims to overturn the IRS's final regulation and stop its implementation, contending that the new rules improperly label compliant 831 plans as suspicious, undermining legitimate business risk management and fairness in regulatory treatment.
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Aspen Daily News+19 Reposted by 19 other sources
SRA 831(b) Admin & Drake File Lawsuit Against IRS Over Abusive Regulatory Overreach
EAGLE, Idaho, June 4, 2025 /PRNewswire/ -- SRA 831(b) Admin, along with Drake Insurance Co. and Drake Plastics Ltd. Co., have filed suit against the Internal Revenue Service (IRS), taking legal action to defend small businesses, restore regulatory fairness, and…
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