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IRS to make a second settlement offer to selected microcaptive owners

North America23-10-2020

The Internal Revenue Service (IRS) has made  a second time-limited settlement offer to certain taxpayers under audit who it believes participated in abusive microcaptive insurance transactions.

US Tax Court rules IRS microcaptive penalties void on technical grounds

North America16-10-2020

The US Tax Court has ruled in favour of Jesus Oropeza, the shareholder of a microcaptive called FIRM, in a case against the Internal Revenue Service, ruling that penalties imposed by the IRS were made improperly and do not stand. 

Settle now or face even bigger fines, IRS tells micro-captive owners

North America02-10-2020

The Internal Revenue Service is turning up the pressure on micro-captive insurance schemes that it deems abusive, warning those that do not settle now are likely to incur additional penalties later. 

Minnesota set to apply procurement tax to captives

North America04-09-2020

The Minnesota Department of Revenue (MDR) has proposed changes to Form IG255 that will mean individuals or businesses buying insurance directly from captives or other non-admitted insurers must report their non-admitted direct procured insurance premium tax.

Roundstone pays out $10m to medical group captive members

North America28-08-2020

Roundstone, a Lakewood-based health insurance provider offering self- funded group captive solutions, has made more than $10 million in cash distributions to business owners across the US. 

More than 20 captives bodies file key brief in IRS CIC vs IRS Supreme Court case

North America24-07-2020Insurance, Reinsurance

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

North America24-07-2020Insurance

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

North America24-07-2020Insurance, Reinsurance

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

North America23-06-2020

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

North America22-05-2020

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.

Showing 1 to 10 of 139 results

Captive International