Tax and Transactional Liability Insurance
Tax laws are complicated. Even accountants and lawyers who have dealt with tax laws for years are not immune from the confusion of such laws and their loopholes. Unfortunately, as a business owner, it's difficult to file a return or sell your business with the complete certainty that all your tax-related bases are covered. The last thing you need is a lawsuit that results from a faulty transaction, misunderstood tax law, or a mistake on your returns.
If you're concerned about the accuracy of your taxes, a tax liability insurance plan is a great option for your business. Tax liability insurance essentially provides taxpayers with protection against the cloudy areas and inconsistencies of tax laws.
In addition to the basic limits of liability, a tax liability policy may provide:
- Coverage for local and foreign taxes
- Coverage for the cost of outside legal advisors or accountants who may be necessary in order to resolve a dispute with tax authorities.
- Coverage for any taxes that may be assessed to tax liability insurance proceeds in the event of a loss and insurance recovery; and
- Coverage for any interest and non-criminal fines or penalties that may be required by tax authorities.
Take the uncertainty out of dealing with taxes. Get a tax liability insurance quote from The Coyle Group!
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