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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
Accounting & tax analysis
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. 4 September 2020
Accounting & tax analysis
Roundstone, a Lakewood-based health insurance provider offering self- funded group captive solutions, has made more than $10 million in cash distributions to business owners across the US. 28 August 2020
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