Syzygy Insurance v Commissioner may paint a negative picture of the industry, but also provides some helpful guidance on how to structure small captives, says David Kirkup, chief operating officer at Captive Alternatives.
Just 10 days before the scheduled trial in the US Tax Court, the taxpayers conceded the remaining issues in Pilot Series of Fortress Insurance et al v Commissioner. The pretrial pleadings highlighted many of the key questions that remain open in litigation over the tax treatment of captive insurance transactions. Those questions—and the parties’ efforts to answer them—provide a roadmap of what to expect as additional cases move toward trial. Jenny Johnson Ware, founding partner of tax litigation boutique Johnson Moore, analyses those key questions and what we can learn from them—despite the fact that the Tax Court will not be providing any answers.
The failure of a captive can often be traced to a breakdown in quality corporate governance. Ben Whitehouse, senior counsel at Butler Snow, outlines the important attributes of good captive governance.
Could high-profile settlements with the State of Washington lead to more captive domiciles following a similar path? Or will they adopt a more pro-business stance, like North Carolina? Pete Kranz, executive managing director and captive practice leader of Beecher Carlson, provides some key considerations on where to domicile a captive.
The outcome of Syzygy v Commissioner marks another IRS victory against 831(b) captives. What went wrong this time? Matthew Queen, general counsel & chief compliance officer, Venture Captive Management, has the details.
Bermuda’s insurers—and, by extension, captive insurers—have until July 1 to satisfy the government’s new economic substance requirements, which have a considerably broad scope. Janine Carey, associate at Appleby, has the details.
It is only a matter of time before a more simplified approach to longevity swaps becomes more prevalent, Robus Insurance (Guernsey) directors Kate Storey, Frank Oldham and David Riley, explain.
The Arizona-based lawsuit Shivkov v Artex Risk Solutions is being followed with great interest by the captive insurance industry, perhaps with good reason. One of the lead lawyers involved in the case now claims the alleged conspiracy is larger than it seems. He explained why to Captive International.
Captive managers and promoters including Gallagher and Artex have come under fire for allegedly conspiring to sell and manage illegal tax shelter captive insurance strategies. Matthew Queen, general counsel & chief compliance officer at Venture Captive Management, provides some insight into the lawsuit.
The Cayman Islands has been placed on the EU’s ‘grey list’ of cooperative jurisdictions—but what does this mean for the domicile, and by extension the captive insurance sector? Cayman Captive reports.