[title size=”2″]CPA CE Course Description[/title]
Instructor: Sean G. King, JD, CPA, MAcc, Principal and In-House Counsel, CIC Services, LLC
Date Developed: January 2014
Instructional Hours: 2.0
This course is designed for CPAs and accounting / finance professionals. It provides an introduction to captive insurance companies with particular focus on “small” captive insurance companies. In addition to providing improved risk management to businesses and business owners, captives can also provide tax advantages to their parent companies and owners. Captives originated in the 1950s and were primarily utilized by large corporations to self-insure risk and reap underwriting profits. Today, over 75% of Fortune 500 Companies own one or more captive insurance companies. Captives have become increasingly popular for small and mid-size businesses in recent years. Changes in the tax laws in the 1980s and competition among domiciles have made captives both advantageous and affordable for many mid-size and small businesses, including closely held businesses.
A. Learning Objectives:
After completing the course, you will be able to:
- Define a captive insurance company
- Diagram the relationship of a captive insurance company to its parent company (ies)
- List the four primary benefits that captive insurance company ownership can provide to business owners or professionals
- Explain the difference between informal and formal self-insurance
- List (at least) five types of insurance coverage captives typically provide
- Explain the tax advantages that CICs can afford to business owners
- Define a “small” insurance company for tax purposes?
- Differentiate between an 831(a) and 831 (b) tax election for captive insurance companies
- List (at least) three characteristics of a business, business owner or professional who might benefit from CIC ownership
B. Program Level: Basic
C. Course Prerequisites: None
D. Pre-Work Required: None
E. Instructional Method: Group Live
F. CPE Credit: 2.0 Hours
Program Refund, Cancellation and Complaint Policy:
For more information regarding administrative policies such as complaints, cancellation and refunds, please contact our offices at 865-248-3044 or contact Tim Welles at 865-607-6107 or by e-mail TWelles@cicservicesllc.com.
CIC Services, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.
NASBA ID # 124803
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