You likely have some type of insurance — whether that is auto, home, or health insurance. But did you know tax insurance is also available? What is insurance but a way to buy a little protection from catastrophe? Just like other types of insurance help mitigate risk, tax insurance allows companies and individuals to be protected from audits and judgments on specific stances.
Managing risks with tax insurance
On this week’s episode of the Taxgirl podcast, Kelly talks with Justin Berutich of Euclid Transactional about tax insurance. From who might need tax insurance to deductibles, tax insurance premiums, and filing a claim; Kelly and Justin take a deep dive into the world of tax insurance so you know if it’s right for you or your business.
Listen to Kelly and Justin talk about tax insurance:
- What is insurance?
- What tax insurance does
- Why do people/companies need tax insurance?
- Tax insurance premiums
- Tax positions and what that means for insurance
- The difference between tax insurance from other types of insurance
- What an insurance company will want to see to quote a policy
- Can tax insurance be short-term and/or long-term policies?
- How filing a claim against your tax insurance works
- When the insurance company step in on your behalf
- Tax insurance deductibles
- What transactions and costs best qualify for tax insurance
- Who uses tax insurance?
- Finding a tax insurance company
- Does getting tax insurance make you more susceptible to audits?
- Upcoming issues that could be eligible for tax insurance
- Examples of how tax insurance saved deals
- How tax insurance has grown over the last decade
- Where the tax insurance industry is headed next
Kelly Phillips Erb created and hosts the Taxgirl podcast, your home for tax news, tax info and tax policy. In each episode, she shares conversations about taxes, money and the choices we make. Kelly is a practicing tax attorney who works with taxpayers like you every day. She helps folks out of tax jams, and hopefully, keep others from getting into them.
Kelly’s Website – Taxgirl
Justin Berutich – Email
Justin Berutich – Linked In
Euclid Transactional – Website