Jul 11, 2018 | Captive Insurance
Captive insurer wasn’t “insurance company” The Tax Court has concluded that the transactions that the taxpayer, a foreign captive insurance company, executed weren’t insurance contracts for Federal income tax purposes and that the taxpayer...
Sep 11, 2017 | Captive Insurance, IRS information, Tax Updates
Although a micro-captive insurance entity was organized as an insurance company, paid claims, and met capitalization requirements, the Tax Court found that it did not operate like an insurance company, issued policies with unclear and contradictory terms, and charged...
Jan 23, 2017 | Captive Insurance, Life at Larson, Uncategorized
There are many benefits to belonging to a captive association if you are involved in the captive insurance market. Utah is fortunate to serve as the domicile of choice for a major segment of the captive insurance company community. The Utah Captive Insurance...
Nov 9, 2016 | Captive Insurance, Uncategorized
Recent IRS guidance and court cases, plus PATH Act changes, make captives more attractive to medium-size companies. By Kimberly S. Bunting, J.D., and Phyllis Ingram, CPA November 1, 2016 This article can help you better understand the purpose and benefits of...
Nov 2, 2016 | Captive Insurance
Notice 2016-66, 2016-47 IRB IRS has identified “micro-captive transactions” as “transactions of interest”. A micro-captive transaction is a type of transaction in which a taxpayer attempts to evade taxation by entering into contracts with a...
Jan 25, 2016 | Captive Insurance, Insurance, Tax Updates, Uncategorized
For many years, captive insurance companies have enjoyed significant tax savings due to Section 831(b) of the Internal Revenue Code. Under Section 831(b), a property and casualty insurance company can make an election to be taxed solely on its net investment income....
