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More than 20 captives bodies file key brief in IRS CIC vs IRS Supreme Court case
It relates to Notice 2016-66 that forces some captives owners to report tax details to the IRS.
Blow for 831(b)s as tax court confirms IRS will seek 40% penalties
While the penalty is lower in the Oropeza case, this is an exception.
More detail emerges on captive coalition’s amicus brief filed in CIC case
It addresses specific concerns the captive insurance industry has around recent actions by the IRS.
IRS petitions court in a bid to obtain confidential information from DDOI
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.
Revenue-strapped states may look to raise money from captives, warns CICA tax panel
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.
TCIA drafts letter to IRS about micro captives
The Tennessee Captive Insurance Association (TCIA) will write a letter to the Internal Revenue Service (IRS) regarding IRS Letter 6336, it has confirmed.
Global commercial insurance prices increase 14%: Marsh
Global average commercial insurance prices increased 14 percent in Q1 2020, according to the Global Insurance Market Index, released by Marsh.
Micro captive letter raises serious concerns about IRS tactics: VCIA
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.
Micro captives granted one month extension to respond to IRS letter
The Internal Revenue Service has extended the due date to respond to its letters of inquiry to certain micro-captive insurance participants.
IRS hostility to captives is exacerbating impact of COVID-19 on business: CIC Services
The IRS’ targeting of captive insurance companies has left companies more vulnerable to the economic ravages of COVID-19, according to CIC Services.
