Taxation

A federal judge has granted a summary judgment motion filed by CIC Services in its case against the Internal Revenue Service (IRS), vacating IRS Notice 2016-66. The judge held that the IRS violated the federal Administrative Procedures Act in adopting the notice, and was arbitrary and capricious in doing so. Read More

A coalition of 10 captive insurance associations filed an amicus brief this month in support of an appeal brought by the Delaware Department of Insurance in the case of United States of America v. State of Delaware Department of Insurance. Read More

The US Internal Revenue Service’s (IRS) office of chief counsel plans to hire up to 200 additional attorneys to focus on abusive tax schemes, including abusive micro-captive arrangements. The IRS said the attorneys will help it manage the increasing caseload in its multiyear effort to stamp out abusive tax schemes. Read More

Captive insurance can be a powerful risk management and risk financing tool, but those considering forming a captive must avoid potential pitfalls. A recent report from Ernst & Young LLP outlines five potential pitfalls prospective captive owners should be aware of to ensure long-term captive success. Read More

The Washington State Office of the Insurance Commissioner has given final approval to regulations issued in August to implement legislation that state lawmakers passed in April imposing new fees on captive insurance companies licensed in other domiciles but doing business in the state of Washington. Read More