Insurance Industry, Tax Liability, Income Taxes

Supreme Court Decision in Connelly v. United States

Lewis Roca on 6/10/2024

On June 6, 2024, the United States Supreme Court issued its decision in in Connelly, As Executor of the Estate of Connelly v. United States, (602 US ________). The decision involves the application of the federal estate tax...more

Tax Liability Insurance: Overview & 2024 Market Update

Woodruff Sawyer on 5/14/2024

Nearly all carriers will list the above exclusions; however, some may also exclude Fraud and Settlement without Consent from coverage. As with RWI, Tax Liability Policies are non-renewable. They have a one-time premium...more

Weekly IRS Roundup January 3 – January 6, 2023

McDermott Will & Emery on 1/10/2023

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 3, 2023 – January 6, 2023...more

Weekly IRS Roundup November 22 – November 26, 2021

McDermott Will & Emery on 11/30/2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 22, 2021 – November 26, 2021... November 22, 2021: The IRS released a memorandum...more

Insured To Captive: “More, Charge Me More, Charge Me More . . .” Premiums?*

Farrell Fritz, P.C. on 4/30/2019

It’s Not All About 2017- A casual review of the recent tax literature may leave a “lay person” with the impression that, prior to the passage of the 2017 tax legislation, tax advisers had nothing else to write about....more

U.S. Tax Court Finds Captive Insurer Is Not an “Insurance Company” Under the Internal Revenue Code

Carlton Fields on 7/26/2018

In this case, Reserve Mechanical Corp. (“Reserve”), a captive insurer incorporated under the laws of Anguilla, sued the Commissioner of Internal Revenue in the U.S. Tax Court regarding the Commissioner’s findings of $477,261...more