The Internal Revenue Service (IRS) has established an office of promoter investigations (OPI) to expand on the work its promoter investigations coordinator (PIC) began in the summer of 2020.
The Internal Revenue Service (IRS) should publish guidance relating to the use of micro-captives, to ensure businesses that want to use them appropriately can do so, according to the Self-Insurance Institute of America (SIIA).
Captive owners should be patient in their dealings with agents from the Internal Revenue Service (IRS), according to Carr Riggs and Ingram (CRI), the accounting and advisory company.
The 831(b) or micro-captive industry has been dealt a fresh blow this week, with a US tax court ruling yet another micro-captive could not be considered insurance for Federal tax purposes.
Connecticut approved six new captive insurance companies in 2020, including five pure captives and one special purpose financial vehicle captive.
UK-based captive owners should be prepared to face increased tax authority scrutiny over the coming years, according to a note by Deloitte.
The American Bar Association (ABA) will host a webinar to educate people about the Internal Revenue Service’s (IRS) policies regarding micro captives.
The Internal Revenue Service (IRS) has admitted it is considering whether additional guidance or regulations should be published to clarify its position regarding micro captives and the use of the 831(b) election.
The partnership will underwrite a range of admitted property and casualty lines of business.
Bauknight Pietras & Stormer (BPS) has promoted David Ward to the role of partner.