831(b) Institute and coalition submit letter calling for repeal of IRS regs  

The 831(b) Institute, along with more than two dozen organisations representing small businesses, captives, banks, and taxpayer advocates, have submitted a letter to the US Treasury and the Internal Revenue Service calling for the immediate repeal of the recently finalised regulations targeting micro captives. 

Micro captives are captive insurers that take the 831(b) tax election in the United States, which permits them to only be taxed on their investment income. To qualify for the election, the captive must be writing no more than $2.85m in net written premiums.