A micro-captive is a small captive insurance company that may be taxed under Internal Revenue Code § 831 (b). The code section provides that captives qualifying to be taxed as a U.S. insurance company pay tax only on their investment income if written premium income is at or below $2.3M in 2019 ($2.2M in 2018).
Continually monitoring the insurance market, Marsh’s captive advisory professionals can help you adjust your insurance program to changes in market conditions. We also maintain close working relationships with all major reinsurers, many of whom have business units dedicated to working with alternative insurance facilities such as captives.

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On November 1, 2016, the Internal Revenue Service (“IRS”) issued Notice 2016-66 identifying certain transactions relating to small captive insurance companies as a “transaction of interest.” Prior to this notice, the IRS had identified certain small captives as amongst its list of “Dirty Dozen Tax Scams.” Apr 06, 2015 · Such captives are also frequently called “micro-captives.” The IRS was specific in noting that not all captive insurance arrangements will be deemed to be abusive. In fact, the IRS conceded that a business using a small captive insurance company to protect against certain risks is a “legitimate tax structure.”

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Vermont passed legislation on captive insurance 25 years ago. Over 26 states have captive insurance laws, many based on Vermont's laws. A captive insurance company is a formalized insurance company, licensed in states and with regulatory oversight. There are two types: pure captives and group captives of many varieties. Jan 31, 2020 · Abusive micro-captives have been a concern to the IRS for the past few years. The transaction has appeared on the IRS Dirty Dozen list of tax scams since 2014. In 2016, the Treasury Department and the IRS issued Notice 2016-66, which identified certain micro-captive transactions as having the potential for tax avoidance and evasion.

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Oct 02, 2020 · In addition, the IRS has deployed 12 newly formed micro-captive examination teams to substantially increase the examinations of ongoing abusive micro-captive insurance transactions. Also, as part of IRS’s continued focus in this area, the IRS has become aware of variations of the abusive micro-captive insurance transactions.

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Oct 27, 2020 · The Internal Revenue Service ("IRS") announced a second time-limited settlement initiative for certain taxpayers under audit who participated in abusive micro-captive insurance transactions. In the coming days, the IRS will begin sending settlement offers with terms that are stricter than the IRS's first time-limited initiative started last year. Micro-captive Insurance Tax Shelter Participants Receive IRS Settlement Offer. On September 16, 2019 the IRS announced that a time-limited settlement offer is being mailed to certain taxpayers under audit who participated in micro-captive insurance schemes. Taxpayers must receive a letter to be eligible for the settlement. IRS Warning

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Captive insurance programs are considered among the most challenging in the corporate insurance space.. Captive insurance vehicles are created for large Insurance — one of the slowest industries — is experiencing a transformation towards fast, secure transactions. Captive Insurance Today.

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The IRS set out SI terms in a document attached to the September 2019 announcement titled “Micro-Captive Insurance Resolution Terms” that contains two sections and an appendix. The first two parts of this article examine the SI offer and consider how a participant who actually closes on the offer is affected. Nov 02, 2016 · A micro-captive transaction is a type of transaction in which a taxpayer attempts to evade taxation by entering into contracts with a related company that is treated as a captive insurance company, using inflated premiums, and taking advantage of Code Sec. 831 (b)’s election to have small insurance companies be taxed only on their investment income. In addition, the IRS has deployed 12 newly formed micro-captive examination teams to substantially increase the examinations of ongoing abusive micro-captive insurance transactions.

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