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Insurance Industry Tax Code

Carlton Fields

Tax Court Upholds IRS Decision That Premiums Paid to Microcaptive Insurance Companies Did Not Qualify for Tax Deductions

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The U.S. Tax Court recently upheld a determination by the IRS that premium payments to certain microcaptives could not be deducted for tax purposes because the premium payments were not actually for “insurance.”...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Kentucky DOI Holds Update Call on Local Government Premium Taxes and Kentucky Data Security Law

On Monday, May 15, the Kentucky Department of Insurance (DOI) held a call discussing Bulletin 2023-002, issued on April 14 to all authorized insurance companies and surplus lines brokers subject to Kentucky Local Government...more

Levenfeld Pearlstein, LLC

Insurance. Insurance Trusts. Insurance Trusts NOW.

“Insurance.” The word itself evokes different reactions. The range of emotions expands when we mention “life insurance.” And if we add, trust – “life insurance trust” – you may just stop reading. But don’t. Now is exactly the...more

Carlton Fields

Tax Court Rejects Captive Insurance Company Status Under 501(c)(15)

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Petitioner, a captive insurer domiciled in Anguilla, applied to be a tax-exempt small insurance company under IRC section 501(c)(15), and filed returns on this basis, making an election under IRC section 953(d)....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Former AIG chief Hank Greenberg and his co-defendant, AIG’s former CFO, reached an “unexpected” settlement last week with NY officials. The duo will fork over about $10 million in bonuses payments and admit that they...more

Carlton Fields

The Prospect for a Legislative Fix in the Case of Certain Promoters Using Micro Captives Deemed Abusive by the IRS

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Despite a considerable reduction in budget and personnel, the Internal Revenue Service announced earlier this year that it would devote considerable time and effort to crack down on what it views as widespread abusive...more

Carlton Fields

The Practical Need for Managers of Micro Captives and the Allure of 'Off Label' Uses

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Every tax season, the Internal Revenue Service releases a “Dirty Dozen” list of schemes that it considers abusive and widespread enough to present a systemic threat to its enforcement of the tax laws. This year’s list...more

Carlton Fields

Texas Appeals Court Affirms Summary Judgment For Texas Comptroller In Risk Pool Row

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A Texas appeals court affirmed a summary judgment that rejected an attempt by two insurers to recover more than $1.1 million for taxes, penalties, and interest on certain reinsurance agreements. Argonaut Insurance Company and...more

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