Tuesday, May 21, 2024

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Search results: 831(b)

Legislative bill in works in response to current 831(b) proposals

The MiniCap Coalition, which includes members such as the 831(b) Institute, is exploring introducing a legislative bill in response to current Internal Revenue Service (IRS) proposals regarding micro-captives.

RMC Group win gives hope for future 831(b) battles – ZMF’s Matthew Reddington

The jury verdict in favour of captive management company, RMC Group and its president and CEO, Raymond Anker, against the Internal Revenue Service (IRS) highlights there are ways micro captives can be successful in cases that have historically gone against them.

831(b) captives “high priority area” for IRS as it completes 2024 Dirty Dozen

The Internal revenue Service (IRS) has wrapped up its Dirty Dozen list for 2024 with micro captives taking the 831(b) tax election remaining a key focus area for the Service.

Captive manager RMC Group wins 831(b) promoter case against the IRS

Captive management company RMC Group and its president and CEO, Raymond Ankner, have won an important case against the Internal Revenue Service in the United States, with the assistance of law firm, ZMF Law.

IRS continues war on 831(b) captives: When will it end?

The Internal Revenue Service (IRS) remains at a stand-off with captives making the 831(b) tax election, and there is no indication of an imminent conclusion, with some observers believing the IRS is purposely drawing out the process.

Captive USA 2024 Part II: More 831(b) captives to close, cells continue to prosper

Further 831(b) captives in the United States are expected to shut down as a result of the proposed regulations from the Internal Revenue Service (IRS), while the popularity of cells is expected to grow further.

IRS demands PCC provides documents in 831(b) tax case

The Internal Revenue Service has filed a lawsuit asking an Arizona District Court to force Coral Beauty Insurance PCC to provide documentation for its investigation into potentially abusive micro-captive transactions between the captive and Radiologic Associates of Northwest Indiana P.C. during 2019 and 2020.

Hearing highlights: IRS totally fails to engage, 831(b) captives will close

Service providers, lobby groups and regulators provided comments in a public hearing on the Treasury and IRS’ latest proposals concerning micro captive transactions on 19 July.

The 831(b) Institute launches in US, demands clarity from the IRS

The 831(b) Institute has launched in the US and is asking for clarity from the IRS around how it regulates micro-captives, arguing that it “unfairly” scrutinises them.

Oklahoma calls on IRS to drop proposed 831(b) rules and form joint task force

Oklahoma’s Insurance Commissioner Glen Mulready has called for the Internal Revenue Service to withdraw its Notice of Proposed Rulemaking (NPR) concerning micro captives and form a joint task force consisting of the IRS, regulators and representatives of the captive insurance industry.

Latest Podcasts

GCP Short: Edgware Re, the cyber group captive

Richard is joined by Ellen Charnley, president of Marsh Captive Solutions, and Tom Raegan, global head of cyber at Marsh Specialty, to discuss the genesis of Edgware Re, its new Bermuda-domiciled group captive for cyber.

GCP #102: Matthew Reddington RMC case, Loren Crannell on Juul Labs captive

Richard is joined by Matthew Reddington, at ZMF Law, to discuss the recent RMC Group court victory, and Loren Crannell, who explains why a captive has been such an important business enabler for Juul Labs.

GCP #101: The Boys Town captive, and MAC on life after regulating

Richard is joined by David Williams, Director of Risk Management & Safety at Boys Town, to discuss the Tennessee-captive formed by the not-for-profit in 2022, and former regulator Michael Corbett.