The IRS vs Captives
Captive Review recently published an article discussing the IRS and the captive insurance industry titled: The IRS vs Captives
Recent Headlines
Cyber Risk – Captive Insurance Times
After a surge of online criminal activity during the COVID-19 pandemic, industry participants suggest why a captive can play a significant role in assisting with cyber risks.
Randy Sadler, principal of CIC Services, suggests that having a captive can play “a significant role” in assisting with cyber risks.One of the biggest problems with commercial cyber policies, according to Sadler, is that they are not written broadly enough and contain too many exclusions, effectively rendering the business uninsured when the unexpected happens.
“Cyber is an insidious and rapidlyevolving risk, and captives can write broad policiesto address both known and even unknownthreats. And, captive cyber policies can bedrafted with fewer exclusions, so they can providefar more robust coverage.”
More Insurance and More Money: The Path to a Stronger Business Model
CPA Practice Advisor recently published an article written by CIC Services’s own, Randy Sadler, on how a captive insurance program provides a strong business model during a tumultuous year.
Micro captives named as potential ‘abusive tax scheme’ in GAO report
Sean King, JD, CPA of CIC Services was recently interviewed by Captive Insurance Times (CIT) on a recent release from the GAO regarding offshore transactions and captive insurance. Sean points out that the recent release from the GAO provides “no new information,” and the IRS continues to refuse to provide guidance to the captive insurance industry. Even though Congress has provided clear guidance on captive insurance, the IRS instead prefers to create fear, uncertainty and doubt because it knows the vast majority of captive owners would follow any lawful and reasonable guidance published.
CLICK HERE to read the entire article in CIT.