Let’s Talk About Tax

Last week, we reviewed the basics about captive insurance companies, nonadmitted insurance and the essence of the federal legislation known as the NRRA. This week, we examine what the states did to implement NRRA and how that affected, or may affect, insurance premiums paid to out-of-state captives.

We are seeing increased focus by state tax departments on nonadmitted insurance premium reporting, tax payments owed and auditing of captive insurance companies. This article is Part I of our primer on the application of the nonadmitted premium tax rules to purchases of insurance from out-of-state captives.

The story can apply directly to issues currently facing Minnesota taxpayers. Said directly, we will have “unpredictable elements” in life. And, while those elements can be insurmountable when surfacing on their own schedule, we can have a positive impact when exercising deliberate foresight.

Could the latest amendment to the Tax Cuts and Jobs Act of 2017 mark the return of the “three martini lunch”? Maybe, at least through 2022.

To alleviate burdens on taxpayers and their representatives, the IRS allowed temporary use of electronic signatures for a limited number of tax forms.

The process that organizations go through during the preparation, deal, and integration phases of an M&A transaction are fraught with tax issues. Learn how Fredrikson & Byron can help.