Washington State Senate Approves New Captive Insurance Fees and Taxes

March 11, 2021

Legislation approved March 9 by the Washington State Senate would set new requirements for captive insurance companies licensed in other domiciles but doing business in Washington State. Under the legislation, captives licensed elsewhere and operating in Washington would be required to pay fees and premium taxes. Read More

Washington Captive Premiums Plummet in Response to Enforcement Actions

February 11, 2021

An independent report commissioned by Washington state concedes that a 2 percent tax on premiums paid to captive insurance companies insuring Washington-based risks will likely have a "material" effect on the future use of captive insurance and reduce the tax base it is targeting. Read More

Internal Revenue Service Responds to SCCIA Micro-Captives Request

January 4, 2021

The Internal Revenue Service (IRS) has responded to a request from the South Carolina Captive Insurance Association that the IRS withdraw letters sent to the "micro-captive" industry and that it suspend audits of so-called micro-captives until the COVID-19 crisis passes. Read More

Appeal in Johnson & Johnson New Jersey IPT Case Decided for Taxpayer

December 16, 2020

The claim by Johnson & Johnson for refund of insurance premium tax (IPT) (otherwise known in the industry as "direct placement tax"), which was paid to the State of New Jersey, seems to finally have been decided. Read More

Accounting, Tax, Advisory Firm Rives & Associates Rebrands as RH CPAs

November 17, 2020

Rives & Associates, a North Carolina-based firm specializing in accounting, tax, and advisory services, has adopted the new name RH CPAs, PLLC, (RH) to support its growth and recognize an expanded leadership team. RH serves a broad base of clients throughout the United States and international markets. Read More