Captive premium growth for cyber risk has accelerated by 263 percent in the past year, according to Aon.
The Internal Revenue Service (IRS) had planned to use tape recordings of an undercover agent looking to form an 831(b) captive with Tribeca Strategic Advisors - now part of Artex Risk Solutions - in order to support its argument that a captive in a recent lawsuit lacked economic substance.
The Internal Revenue Service (IRS) has launched a compliance campaign to ensure US multinational companies are paying their captive service providers no more than arm's length prices.
Just like Reserve Mechanical and Avrahami before it, the US Tax Court has ruled in favour of the IRS in the case of Syzygy Insurance v Commissioner, ultimately determining the captive did not constitute insurance in the commonly accepted sense and its 831(b) election was invalid.
Leadville Insurance Company, the Vermont-based captive insurance subsidiary of US department store chain Macy’s, may be liable for $23.8 million in unpaid corporate income taxes to the state of Maryland, a recent court opinion has shown.
The US Internal Revenue Service (IRS) has added microcaptives to its Dirty Dozen list of common scams that it claims that US taxpayers may encounter.
Accountancy and business advisory firms BDO and Moore Stephens have completed a merger agreement where Moore Stephens LLP - with offices in London, Birmingham, Bristol, reading ant Watford - will operate under the BDO brand.
Accounting, tax and consulting firm Mazars has appointed Brian Clouse to its executive committee.
The Captive Insurance Companies Association (CICA) has published new guidance to provide guidance on the use of risk pools following prolific US Tax Court cases involving.
One of the lead lawyers involved in the Arizona-based lawsuit Shivkov v Artex Risk Solutions has said that he believes the alleged conspiracy extends beyond the named defendants in the case.