It is not uncommon to come across successful and profitable businesses that generate little meaningful wealth for their owners. For starters, businesses often face an array of expenses in addition to operating costs that sap revenue including administrative costs, leases and insurance. What profits remain are typically ravaged by taxes, weakening the business
Today’s economic climate is challenging and earning (and holding onto) profits is not easy, making wealth accumulation and long term business survivability more daunting tasks. For this reason, business owners, CFOs and advisors including CPAs, Property & Casualty Brokers, Wealth Managers and Attorneys owe it to themselves
When you think of legal catch-phrases in America, what comes to mind? If you enjoy watching police detective shows, you may be thinking, “You have the right to remain silent…anything you say may be used against you in a court of law.” And, here is another legal phrase anchored firmly in the Constitution and the U.S. legal tradition: “Innocent until proven guilty.”
It’s very easy to take this fundamental right of presumed innocence for granted. Nevertheless, our rights as citizens are turned on their heads
Last week, the IRS lost what is at least its third major insurance case in two years in U.S. Tax Court. The case is titled R.V.I. GUARANTY CO., LTD. & SUBSIDIARIES, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent, and it comes on the heels of two major losses in captive insurance cases in 2014, Rent-A-Center (CLICK HERE) and Securitas (CLICK HERE).
While RVI Guaranty was not a captive insurance company, this decision has significant bearing on the captive