CIC Services has warned the Internal Revenue Service that its battle against the tax authority’s “abuse of law-abiding taxpayers is not over,” vowing to take its case all the way to the Supreme Court.
The US Court of Appeals for the Sixth Circuit has declined to review the case of CIC Services versus the Internal Revenue Service (IRS), which was found in favour of the IRS in 2017.
Economic substance regulation enacted to appease the EU is undermining the business case for offshore captives, according to Mark Chudleigh, a partner at Kennedys in Bermuda.
The University of California (UC) will launch its fifth captive, Sequoia IC, within the next 60-90 days, subject to regulatory approval.
Accountancy and advisory firm Carr, Riggs and Ingram (CRI) has expanded its presence in Mississippi via a merger with WM. F. Horne and Company.
Attorney Peter McDougall, a captives specialist, has been elected as the new president and treasurer of law firm Paul Frank + Collins (PF+C).
A growing number of companies falling foul of general data protection regulations (GDPR) highlights the need for comprehensive cyber coverage. It could also incentivise the formation of more captives, if cyber providers do not up the quality of their offerings, according to experts.
TTN Fleet Solutions has hired Tyler Harden as vice president of its service provider network. Harden has experience of developing, creating and launching a captive insurance program, TowCap Premier, which was the first of its kind in the heavy duty towing industry.
“Despite the fact that there are more than 100 insurance carriers that offer cyber coverage, there are only a handful of global insurers offering meaningful capacity for large international corporate customers on a primary basis,” according to Paul Woehrmann, head of captive services at Zurich Insurance Company.