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.
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 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.
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.
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.
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.
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.