We are very pleased to announce the CIC Services, LLC’s Managing Principal, Bryan Ridgway has earned his Associate in Captive Insurance (ACI) designation from the International Center for Captive Insurance Education (ICCIE). ICCIE was founded in 2004 and provides the only comprehensive captive insurance education program Continue Reading
An Open Letter To Congress And The Senate Joint Committee On Taxation Regarding The IRS’s Unlawful Harassment Of Small Captive Insurance Companies
The Joint Committee on Taxation is currently considering whether to expand the limits under Internal Revenue Code Section 831(b), the provision that makes it economically feasible for small businesses to engage in responsible risk management activities. I urge you to support this expansion, and more importantly to take this opportunity to thwart the IRS’s current attack on Section 831(b).
On February 3rd, 2015 the IRS issued a release (IR-2015-19). Among other things, this release makes clear what the industry has known for some time now– the IRS’s attack on Section 831(b) is coordinated, intentional and seeks to undermine the express will of Congress. By launching a coordinated attack on the variety of captives favored by small businesses, the Service is trying to achieve through the spread of fear, uncertainty and doubt, not to mention intimidation, that which it has been completely unable to achieve in the courts. The IRS has lost nearly every single court case of consequence involving captive insurance companies in the last thirty years, including two important ones in the last twelve months alone (Rent-A-Center and Securitas). Continue Reading
Breaking News – Senate Finance Committee Votes To Increase Maximum Premiums For 831(B) Captives From $1.2 Million To $2.2 Million
It would appear the Internal Revenue Service (IRS) is short on supporters, following its recent rant against small captive insurance companies that make 831(b) tax elections.
First, the breaking news. The Senate Finance Committee just voted to increase the premiums ceiling on small captive insurance companies Continue Reading
Over the last four weeks, we have developed the thesis that most small and mid-size businesses are under-insured and that for many, the best remedy is to own their own captive insurance company. Owning a captive insurance company enables small and mid-size business owners to blend third party commercial coverage with coverage by their captive. This blended approach Continue Reading