Gary Bowers Videos

Gary Bowers
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Mr. Bowers is the tax partner-in-charge for the multi-office certified public accountant (CPA) firm of Johnson Lambert LLP. He has served the financial services, not-for-profit, and employee benefit industries for the majority of his 32-year career and has worked exclusively with his clients in helping them to plan their tax strategies. Mr. Bowers has extensive experience in dealing with corporate tax planning issues, corporate tax compliance, reorganizations, and negotiations with the Internal Revenue Service (IRS) to resolve issues. He also has had experience in dealing with the national office of the IRS related to private letter rulings and change in accounting method requests. Mr. Bowers has also helped clients with their unrelated business income tax (UBIT) issues, proxy tax, supporting organizations, and exempt status.

Mr. Bowers believes in a proactive approach to taxation matters through a complete understanding of each client’s business and its objective. He regularly speaks on taxation matters for Insurance Accounting and Systems Association (IASA), Captive Insurance Companies Association (CICA), South Carolina Captive Insurance Association (SCCIA), and Vermont Captive Insurance Association (VCIA). He has also authored several articles for the National Underwriter, Captive Review (2004), and CICA.

After earning his B.B.A. degree at the University of Georgia, Mr. Bowers attended Georgia State University, where he earned the equivalent of a master’s degree in taxation. He is a CPA.


  • Choosing an Auditor or Tax Preparation Firm

     
    Captive Operation and Services | Gary Bowers | Partner | Johnson Lambert LLP


  • Areas of Focus in Captive Audits

     
    Captive Operation and Services | Gary Bowers | Partner | Johnson Lambert LLP

    Gary Bowers of Johnson Lambert details three areas auditors are concerned with when dealing with captive insurance companies: (1) Taxes—such as discounting of lost reserves or premium, things that may need to be adjusted on the financial statements; (2) Reserves—continuously checking to be sure that the data the actuary is using is qualified, good data; (3) Investments—more of a concern recently in terms of alternative financial vehicles being used by companies and how those financial instruments must be handled on financial statements, for instance.



  • More on Taxation of Cell Captives

     
    Captive Tax Issues | Gary Bowers | Partner | Johnson Lambert LLP

    Here, Gary Bowers of Johnson Lambert also briefly discusses the evolution of taxation for cell captive insurance companies. For taxation purposes, cell captive insurance companies have historically been required to file a single consolidated tax return for all the members of the cell, but in recent years another approach has emerged. Now, for members with the minimum $1.2 million in premium, the decision as to whether or not their component of the cell should be treated as its own insurance company in terms of tax filing as well as the contractual segregation built into the cell is made by the member. Among other options, such members may elect whether to claim the small property and casualty exception (to be taxed on investment income only), as well as whether to file a 953d.



  • Disclose Foreign Accounts and Comply with FATCA

     
    Captive Tax Issues | Gary Bowers | Partner | Johnson Lambert LLP

    The Foreign Account Tax Compliance Act, as Gary Bowers of Johnson Lambert explains in this video, amounts to the gathering of robust data by the federal government about entities that have money in offshore accounts, for the purpose of deterring the concealment of such offshore funds. Up-front disclosure of offshore accounts meets the requirements for compliance, while expensive fines are assessed for failing to disclose such information accurately. Some tax professionals prefer not to have clients who are unwilling to be in compliance with this law.



  • Captives as Asset Protection and Transfer Vehicles

     
    Captive Uses Trends & Innovations | Gary Bowers | Partner | Johnson Lambert LLP

    Gary Bowers of Johnson Lambert states that there is a shift in the captive insurance community from monitoring and maintaining the liability side of the balance sheet for companies to protecting and transferring risk away from the asset side. Microcaptives, or 831(b) captive insurance companies, in particular are more frequently a vehicle for deferring taxes on premiums and, unfortunately, are sometimes used to "insure" against illegitimate risks or to improperly shift money around.