Kinion and others to speak at IRS micro-captive hearing

Steve Kinion of the Oklahoma Insurance Department will be one of the speakers at the upcoming public meeting on the Internal Revenue Service’s (IRS) proposed regulation on micro-captives.

Oral testimony will be presented on the suggested regulation “Micro-Captive Listed Transactions and Micro-Captive Transactions of Interest (REG-109309-22)” at the meeting on July 19.

According to details released by the IRS, the speakers presenting at the meeting include Kinion, attorney James Perna, Adam Webber of Webber Law Group, Matthew Queen of The Queen Firm, David Findlay of Lake City Bank and Joe Magyar of Crowe LLP.

Each speaker will be allowed ten minutes to speak.

In April the IRS released its proposed regulation to identify transactions that are the same as, or substantially similar to, certain micro-captive transactions as listed transactions, a type of reportable transaction, and certain other micro-captive transactions as transactions of interest, another type of reportable transaction.

A wide range of companies and groups have criticised the proposed regulation as going too far against micro-captives and the IRS said that it has received submissions on this topic.

The hearing is open to the public. However, the Internal Revenue Service will not admit anyone without the teleconference phone number and the access code.

All persons who requested to attend or testify at the public hearing will receive a copy of the agenda by email.

The outlines of oral comments are at the following website: www.Regulations.gov. Submit the regulation number (REG–109309-22) into the search box on regulations.gov.