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Another Micro-Captive-Case Loss: 10th Circuit Affirms Tax Court Ruling in Reserve Medical Corp. v. Commissioner

By Courtney A. Hopley & Barbara T. Kaplan on June 21, 2022
Posted in Audits, Featured, GT Alert, Income Tax, Insurance, IRS, Litigation, Litigation & Criminal Tax Defense

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

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IRS Establishes Office of Promoter Investigations with Emphasis on Conservation Easements and Micro-captive Insurance Arrangements

By Barbara T. Kaplan & Shira Peleg on April 21, 2021
Posted in Featured, GT Alert, Insurance, IRS

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

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IRS Wins Again on Micro-Captive Arrangements, Urges Taxpayers to Exit Transactions

By Barbara T. Kaplan & Josh Prywes on April 9, 2021
Posted in Featured, GT Alert, Insurance, IRS

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

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Second Round of Micro-Captive Insurance Settlements Provides Stricter Terms

By Barbara T. Kaplan & Josh Prywes on October 26, 2020
Posted in Featured, GT Alert, Insurance, IRS, tax audits

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

IRS to Increase Enforcement Against Abusive Micro-Captive Insurance Transactions

By Michelle Ferreira, Scott E. Fink & Shira Peleg on February 6, 2020
Posted in GT Alert, Insurance, IRS

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

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IRS Offers Settlements to Some Micro-Captive Insurance Taxpayers

By Barbara T. Kaplan & Josh Prywes on September 20, 2019
Posted in GT Alert, Insurance, Internal Revenue Code, IRS, tax audits

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

IRS Provides Tax Relief for Victims of Hurricanes Harvey, Irma, and Maria

By Victoria Jobe* on October 18, 2017
Posted in Insurance, IRS

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

Considerations in Administering an Irrevocable Life Insurance Trust

By Greenberg Traurig on June 13, 2017
Posted in Insurance, Trusts

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

Don’t Forget Your Beneficiary Designations!

By Michelle L. Soto on March 20, 2017
Posted in Estate, Estate Planning, Insurance

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 Listed in Law360 For Insurance Work

By Greenberg Traurig on June 29, 2016
Posted in Insurance

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

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Greenberg Traurig’s Tax and Business Group provides practical tax advice to high-net-worth individuals, private businesses and financial institutions. Our Tax and Business Group includes a number of top ranked Chambers & Partners shareholders. Our attorneys serve as business counselors and legacy management stewards, guiding clients through the many complex legal and business issues that can impact their assets.

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