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.
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.
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.
Uncertainty and political rhetoric may cloud the US presidential election results, but it is possible to begin assessing how the results may impact captive insurers. In a special bonus episode of the Global Captive Podcast, Richard Cutcher spoke to experts on tax, the investment markets, and legislative activity in Congress.
The Minnesota Department of Revenue is taking comments on proposed changes that, among other things, would specify that the state's nonadmitted premium tax for direct procured insurance applies to captive insurance. The proposal would modify Form IG255, the state's nonadmitted insurance premium tax return form, to specifically mention captives.
In a letter to US Treasury Secretary Steven Mnuchin and Russel Vought, acting director of the Office of Management and Budget, the Self-Insurance Institute of America (SIIA) has asked the Treasury Department to review activities of the Internal Revenue Service (IRS) related to 831(b) captive insurance companies.
The North Carolina Captive Insurance Association (NCCIA) is one of a number of state captive insurance associations protesting recent Internal Revenue Service (IRS) activities aimed at micro-captives. The NCCIA wrote North Carolina's congressional delegation for help in securing relief from a letter the IRS sent in March to micro-captive owners.