Applied Filters
831(b) captive conspiracy lawsuit has no merit, claims Gallagher
Arthur J Gallagher has hit back at the Arizona-based lawsuit accusing it and its subsidiary Artex Risk Solutions of selling and managing illegal tax-advantaged captives, the firm said in a statement.
Washington doubles down on 'unlawful' captives following Microsoft settlement
The Washington Office of the Insurance Commissioner is offering captives that have unlawfully insured any risk in the state in the past 15 years a self-reporting period of 18 months to pay significantly reduced fines.
Artex and Arthur J Gallagher accused of selling and managing illegal tax-shelter captives
An Arizona-based lawsuit is seeking damages from a group of defendants including Artex Risk Solutions, Arthur J Gallagher among other captive service providers for conspiring to design, promote, sell, implement and manage illegal tax-advantaged captive insurance strategies using unlawful attempted 831(b) elections.
Barbados captives to pay license fee and zero tax under new law
The Government of Barbados has made changes to its insurance law which will result in captives being zero taxed and paying a license fee instead.
Moody’s captive under fire for tax fraud from whistleblower
Moody’s Corporation, the holding company for rating agency Moody’s Investors Service, is facing allegations from a former employee who has claimed that Moody’s and its advisors defrauded New York State of potentially millions of dollars of tax revenues, with it’s captive Moody’s Assurance Company (MAC) accused of underpaying the state.
Aon to offer capital optimisation for captives
Aon Risk Solutions has launched a capital advisory unit designed to assist re/insurers, Lloyd's syndicates and captive insurance companies with their capital optimisation.
Captive owners should contact tax consultants after Microsoft case
Clients that have parent companies with headquarters or operating units in Washington state should consult their tax professionals following the settlement of the case involving Microsoft’s Arizona-based captive being issued a cease & desist letter, warns JLT Insurance Management (JLT IM).
Victories in small captive cases may embolden IRS to target larger captives
If the IRS continues to gain victories against small captives in the US Tax Court, it may be emboldened to target larger captives, according to Charles “Chaz” Lavelle, partner at Bingham Greenebaum Doll, speaking to Captive International at the VCIA annual conference.
BEAT provisions in US Tax Reform may drive redomestications
Tax reform is affecting every corporation in the US and the captive industry is no different. The Base Erosion Anti-Abuse Tax (BEAT) provisions in particular may drive captives to redomicile onshore.
US Tax Court cases should not hurt legitimate captive market
Upcoming US Tax Court cases - Caylor, Wilson, and Syzygy Insurance - have likely been selected by the IRS to target deficient captive models; but the outcomes of these cases should not hurt growth in the legitimate captive market.
