News
Accounting & tax analysis
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. 5 January 2021
Accounting & tax analysis
The partnership will underwrite a range of admitted property and casualty lines of business. 22 December 2020
Accounting & tax analysis
To state the obvious, 2020 has been like no other year. However, the captive insurance world has not only survived, it has thrived under a myriad of strange circumstances, says Gary Osborne of Risk Partners. 21 December 2020
Accounting & tax analysis
Bauknight Pietras & Stormer (BPS) has promoted David Ward to the role of partner. 17 December 2020
Accounting & tax analysis
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. 8 December 2020
Accounting & tax analysis
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. 2 December 2020
Accounting & tax analysis
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. 23 October 2020
Accounting & tax analysis
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. 16 October 2020
Accounting & tax analysis
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. 2 October 2020
Accounting & tax analysis
A GAO report was intended to shed some light the use of captives as abusive tax shelters. Instead it only risks perpetuating misunderstandings, says Bradley’s Davis Smith. 14 September 2020
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