On May 13, 2022, in Reserve Mechanical Corporation v. Commissioner,[1] the U.S. Court of Appeals for the Tenth Circuit affirmed a Tax Court decision that a micro-captive insurance
Continue Reading Another Micro-Captive-Case Loss: 10th Circuit Affirms Tax Court Ruling in Reserve Medical Corp. v. Commissioner
On April 19, 2021, the IRS announced the establishment of a new Office of Promoter Investigations (OPI). The creation of OPI demonstrates the IRS’s commitment to pursuing promoters and combating
Continue Reading IRS Establishes Office of Promoter Investigations with Emphasis on Conservation Easements and Micro-captive Insurance Arrangements
On April 9, 2021, the IRS urged taxpayers who engage in micro-captive insurance arrangements to exit these transactions. This announcement follows an IRS victory in the U.S. Tax Court, which
Continue Reading IRS Wins Again on Micro-Captive Arrangements, Urges Taxpayers to Exit Transactions
On Oct. 22, 2020, the IRS announced it is offering a second time-limited settlement initiative to certain taxpayers who participated in abusive micro-captive insurance transactions and who currently are under
Continue Reading Second Round of Micro-Captive Insurance Settlements Provides Stricter Terms
Emboldened by significant victories in three Tax Court cases involving micro-captive insurance companies, on Jan. 31, 2020, the IRS announced that it is establishing 12 new examination teams to assist
Continue Reading IRS to Increase Enforcement Against Abusive Micro-Captive Insurance Transactions
On Sept. 16, 2019, the IRS announced it is offering settlements to certain taxpayers with open audits of micro-captive insurance transactions. The IRS has targeted these micro-captive insurance transactions
Continue Reading IRS Offers Settlements to Some Micro-Captive Insurance Taxpayers
The IRS has announced that “affected taxpayers” in areas of Florida, Georgia, Puerto Rico, Texas, and the U.S. Virgin Islands designated as “covered disaster areas” are eligible for the postponement
Continue Reading IRS Provides Tax Relief for Victims of Hurricanes Harvey, Irma, and Maria
Irrevocable life insurance trusts (ILITs) serve a multitude of significant estate planning and asset protection objectives. To effectuate these goals, proper administration of such trusts is required. This can be
Continue Reading Considerations in Administering an Irrevocable Life Insurance Trust
Life-changing events such as marriage, divorce, and death require a review of the beneficiary designations for life insurance policies and retirement accounts. These types of assets often represent a significant
Continue Reading Don’t Forget Your Beneficiary Designations!
Greenberg Traurig’s Insurance Regulatory and Transactions Practice is listed in Law360’s “The 16 Firms GCs Love For Insurance Work.” As the insurance industry continues to grow and evolve, 16 law
Continue Reading Greenberg Traurig Listed in Law360 For Insurance Work