News
Accounting & tax analysis
CIC Services is feeling confident after giving evidence before the US Supreme Court on December 1 in a lawsuit that asks the federal courts to proclaim Internal Revenue Service (IRS) Notice 2016-66 illegal and to forbid its enforcement. 2 December 2020
Accounting & tax analysis
The Internal Revenue Service (IRS) has made a second time-limited settlement offer to certain taxpayers under audit who it believes participated in abusive microcaptive insurance transactions. 23 October 2020
Accounting & tax analysis
The US Tax Court has ruled in favour of Jesus Oropeza, the shareholder of a microcaptive called FIRM, in a case against the Internal Revenue Service, ruling that penalties imposed by the IRS were made improperly and do not stand. 16 October 2020
Accounting & tax analysis
The Internal Revenue Service is turning up the pressure on micro-captive insurance schemes that it deems abusive, warning those that do not settle now are likely to incur additional penalties later. 2 October 2020
Accounting & tax analysis
A GAO report was intended to shed some light the use of captives as abusive tax shelters. Instead it only risks perpetuating misunderstandings, says Bradley’s Davis Smith. 14 September 2020
Accounting & tax analysis
The Minnesota Department of Revenue (MDR) has proposed changes to Form IG255 that will mean individuals or businesses buying insurance directly from captives or other non-admitted insurers must report their non-admitted direct procured insurance premium tax. 4 September 2020
Accounting & tax analysis
Roundstone, a Lakewood-based health insurance provider offering self- funded group captive solutions, has made more than $10 million in cash distributions to business owners across the US. 28 August 2020
Accounting & tax analysis
There is very little consistency between countries when it comes to insurance tax reporting, and captives managers need to stay across the nuances to avoid trouble. Daniela Dinkova of Sovos explores some of the differences. 24 July 2020
Accounting & tax analysis
It relates to Notice 2016-66 that forces some captives owners to report tax details to the IRS. 24 July 2020
Accounting & tax analysis
While the penalty is lower in the Oropeza case, this is an exception. 24 July 2020
Not finding what you're looking for, please try resetting your applied search and filters,
or try the full site search.
Editor's picks
