Articles
Accounting & tax analysis
It addresses specific concerns the captive insurance industry has around recent actions by the IRS. 24 July 2020
Accounting & tax analysis
IFRS 17 is the first international accounting standard for insurers. It represents a huge change for captive insurance companies, which will need to be well prepared to comply with the new rules, says Alex Gedge of Marsh. 13 July 2020
Accounting & tax analysis
The IRS has petitioned the US District Court for the District of Delaware to enforce a summons for documents held by the Delaware Department of Insurance (DDOI) related to the IRS’ microcaptive investigation. 23 June 2020
Accounting & tax analysis
US states could increase their efforts to raise tax from captives in coming months as they seek to raise money to offset reduced revenues during the COVID-19 pandemic, according to Dan Kusaila, a tax partner at Crowe. 22 May 2020
Accounting & tax analysis
An increasing number of captives have been looking at writing business interruption coverage for their owners. They should tread carefully, as doing so without following the correct procedures could have adverse tax implications, says Davis Smith of Bradley. 15 May 2020
Accounting & tax analysis
The Tennessee Captive Insurance Association (TCIA) will write a letter to the Internal Revenue Service (IRS) regarding IRS Letter 6336, it has confirmed. 13 May 2020
Accounting & tax analysis
Global average commercial insurance prices increased 14 percent in Q1 2020, according to the Global Insurance Market Index, released by Marsh. 12 May 2020
Accounting & tax analysis
The Vermont Captive Insurance Association (VCIA) has written to Steve Mnuchin, the US Secretary of the Treasury, and Paul Rettig, the Commissioner for Internal Revenue, calling on the Internal Revenue Service (IRS) to suspend its audit activities of micro captives. 30 April 2020
Accounting & tax analysis
The captive industry has been cowed by the IRS for years, with the tax collector securing a string of legal victories that left businesses wondering whether having a captive was worth the effort. However, the COVID-19 pandemic has shattered the logic on which those cases were won, and will lead to a resurgence among 831(b)s, predicts Matthew Queen. 28 April 2020
Accounting & tax analysis
The Internal Revenue Service has extended the due date to respond to its letters of inquiry to certain micro-captive insurance participants. 27 April 2020
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