News

Accounting & tax analysis

US captives are switching domiciles to avoid self-procurement taxes

With around 35 to 40 states having now passed some form of captive legislation, more captives are redomiciling to their home state, according to Bill Mourelatos, director of Aon Insurance Managers (Vermont).   11 August 2017

Accounting & tax analysis

Victories in 831(b) cases would prompt IRS to target larger captives

The scrutiny that some types of captives – in particular 831(b)s – face from the IRS is unlikely to go away, and advisors must get smarter about how they educate clients, according to Anne Marie Towle, captive consulting practice leader at JLT Insurance Management, speaking at the Vermont Captive Insurance Association’s (VCIA) annual conference in Burlington, Vermont.   11 August 2017

Accounting & tax analysis

831(b)s: under the microscope

831(b) captive insurance companies have been under the microscope for six months as the Internal Revenue Service subjects them to the greatest possible scrutiny. What’s behind this sudden concern? US Captive investigates.   24 July 2017

Accounting & tax analysis

BEPS: the US perspective

With the OECD’s base erosion and profit shifting (BEPS) measures rolling out in the US, captive insurance companies find themselves under increased scrutiny from the IRS, which wants to clamp down on potential tax avoidance vehicles. US Captive explores the implications.   17 July 2017

Accounting & tax analysis

FERMA proposes ‘consistent implementation’ guidelines for OECD BEPS

The Federation of European Risk Management Associations (FERMA) has proposed guidelines for captive re/insurance arrangements aimed at ensuring a consistent implementation of the OECD recommendations on Base Erosion and Profit Shifting (BEPS).   20 June 2017

Accounting & tax analysis

OECD BEPS convention will “close loopholes in thousands of tax treaties worldwide”

Ministers and high-level officials from 76 countries and jurisdictions have signed a multilateral BEPS convention to close loopholes in tax treaties and reduce opportunities for tax avoidance by multinational enterprises.   8 June 2017

Accounting & tax analysis

PwC responds to demand for tax advice with new hires

Increased regulation and global complexity has prompted PwC to increase the size and depth of its team specialising in the area of tax advice and compliance in the Cayman Islands and Bermuda.   30 May 2017

Accounting & tax analysis

Puerto Rico is ‘open for business’ despite bankruptcy concerns: PRIIA

The Puerto Rico International Insurers Association (PRIIA), an industry trade group, has assured that its international insurers are ‘open for business’ in spite of the fact the island is filing for voluntary bankruptcy.   22 May 2017

Accounting & tax analysis

OECD updates country-by-country reporting status

The Organisation for Economic Co-operation and Development (OECD) has made a significant step in implementing country-by-country (CbC) reporting with a new wave of activations of automatic exchange relationships.   8 May 2017

Accounting & tax analysis

CIC Services criticises IRS after micro-captive injunction denied

The US District Court for the Eastern District of Tennessee has denied the request of captive managers and consulting firms CIC Services and Ryan to seek injunctive relief from Notice 2016-66.   28 April 2017

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