Applied Filters
ABA to host webinar to demystify IRS’ micro captive campaign
The American Bar Association (ABA) will host a webinar to educate people about the Internal Revenue Service’s (IRS) policies regarding micro captives.
IRS considering offering further guidance regarding its position on 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.
Captive MGU International Re unveils capacity partnership with Cimarron
The partnership will underwrite a range of admitted property and casualty lines of business.
Bauknight Pietras & Stormer promotes David Ward to partner
Bauknight Pietras & Stormer (BPS) has promoted David Ward to the role of partner.
Supreme Court of New Jersey upholds $56m tax refund for Johnson & Johnson
The Supreme Court of New Jersey has upheld a decision to refund $56 million in insurance premium tax (IPT) to Johnson & Johnson (J&J), related to coverage written by its captive, Middlesex Assurance.
CIC bullish following Supreme Court hearing in IRS case
CIC Services is feeling confident after giving evidence before the US Supreme Court on December 1 in a lawsuit that asks the federal courts to proclaim Internal Revenue Service (IRS) Notice 2016-66 illegal and to forbid its enforcement.
IRS to make a second settlement offer to selected microcaptive owners
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
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
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
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.
