Insurance Care Direct Responds to IRS Summons on Insurance Policies Carried by Company
DEERFIELD BEACH, Fla., June 6, 2022 /PRNewswire/ -- Insurance Care Direct (ICD), one of the nation's leading health benefits providers, today released the below statement in response to a summons enforcement action filed in federal court against corporate officers last month. The summonses, which were issued by the Internal Revenue Service (IRS), relate to captive insurance arrangements used by the company.
Corporate Officers Fully Cooperated with IRS - Company Looks Forward to Amicable Resolution
DEERFIELD BEACH, Fla., June 6, 2022 /PRNewswire/ -- Insurance Care Direct (ICD), one of the nation's leading health benefits providers, today released the below statement in response to a summons enforcement action filed in federal court against corporate officers last month. The summonses, which were issued by the Internal Revenue Service (IRS), relate to captive insurance arrangements used by the company.
"Insurance Care Direct (ICD) and all corporate executives, including Seth Cohen, Brad Cohen and Ed Carriero, have fully cooperated with every request from the IRS. To date, the company and its executives have spent hundreds of hours and a significant expenditure of company resources to fully comply with requests from the IRS, including multiple rounds of production encompassing thousands of pages of documents.
ICD and corporate leadership continue to fully cooperate with the IRS. Seth Cohen, Brad Cohen and Ed Carriero, by and through counsel Brian Harris of Fogarty Mueller Harris, PLLC, are currently working with the Department of Justice to collaboratively resolve the issues raised in the case.
In a motion filed on Friday, the company with the DOJ's agreement requested that the court continue the proceedings to allow the parties more time work together toward a mutual resolution."
Captive insurance arrangements are recognized under federal law and provide insurance policies that may not be commonly available or not available at affordable prices for businesses.
About Insurance Care Direct
Founded in 2001, Insurance Care Direct has grown into one of the largest health and life insurance agencies in the country. The Company offers a wide array of competitive products. Headquartered in Deerfield Beach, Florida, Insurance Care Direct is a family-owned business and is heavily involved in the local Florida community.
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SOURCE Insurance Care Direct
