August 2020 Edition
We made it to August, and the Captive industry is doing well and has a positive outlook on the future. Take some time to read the following articles concerning the IRS, and you will see why we are excited.

If you are curious or have any questions about a specific type of insurance. Visit our sister company,  InsuranceExpert.com . You can get instant life insurance quotes by answering a few questions, and apply for a policy anytime, from your home or office.

If you have any questions about the information in these articles, call me directly. If you have questions about implementing a Captive, also, call me or visit our Captive 101 section on our website.

We appreciate your business!
 
Sincerely,
Larry Papola
Lawrence J. Papola, Jr.
Principal
1-833-US-CAPTIVE
(1-833-872-2784)
Microcaptives Fall Off IRS’ ‘Dirty Dozen’ Tax Evasion Roll
For the first time since 2014, microcaptives were not included in the annual IRS list of “tax scams,” but the agency said it will continue to raise concerns about the vehicles.

In prior years, the IRS has focused on a wide range of alleged tax-avoidance schemes, but this year “the Dirty Dozen focuses on scams that target taxpayers,” the agency said in a statement Thursday.
Captive Claim Highlight
Client Profile
Industry:   Health & Beauty
Specialty:   Hair Salon Franchise
Location :   Texas
Claim Information
Description: One of our Insureds released an employee. Shortly following this event, the disgruntled employee filed suit against our Insured claiming wrongful termination. Through their Captive's Actual Net Loss policy's Employment Practices Liability Coverage, they were able to recoup their loss due to claims expenses.
Line of Coverage:  Employment Practices Liability
This exposure was elected for coverage by the client under their captive policy. This resulted in a claim payment amount of approximately $45,000.
*Please note that each claim will undergo an independent investigation and thorough review process. Various components specific to the claim at hand will be assessed thoroughly to determine if the loss is covered by the policy.
EXCLUSIVE: Captive organizations file brief for IRS Supreme Court case
Twenty captive organizations from a range of domiciles, as well as national organizations Captive Insurance Company Association (CICA) and the Self-Insurance Institute of America (SIIA), have signed the brief.

The case  challenges Notice 2016-66  that had compelled owners of certain 831(b) captive arrangements (known as micro captives) to report details of their tax structure to the IRS.

“This broad coalition formed with the goal of demonstrating through an amicus brief to the U.S. Supreme Court the broader concerns of the larger captive insurance industry with recent actions by the Internal Revenue Service (‘IRS’) and in support of the CIC Services case ,”  a statement from the group of associations said.
August 2020 Calendar
airplace-takeoff-sunset.jpg
AUG 2:  National Sister Day
AUG 7: Purple Heart Day
AUG 8: Int’l Cat Day
AUG 13:  Int’l Left-handers Day
AUG 19:  Nat’l Aviation & World Humanitarian Day
AUG 26: National Dog Day
August is Observed as:
Nat'l Immunization Awareness Month
"VCIA Virtual" Is Happening in August

Join captive industry professionals August 11–13, 2020, for the Vermont Captive Insurance Association (VCIA) inaugural Virtual Annual Conference! VCIA's signature event, in its 35th year running, will be presented 100 percent virtually this year. Registration is open.
Get Your Insurance Quotes From The:
Insurance Experts provides expert knowledge and assistance to individuals, families, and business owners who are making decisions about the proper insurance coverage for their needs. We’re here to help you cover losses you shouldn’t have to on your own.

Let our team of experts guide you through the daunting task of selecting the right insurance coverage for you or your business:
  • Life
  • Disability
  • Long-Term Care
  • Business
  • Personal
  • Captive
  • ...More
485 Underhill Blvd.
Suite 101
Syosset, NY 11791

Office: 1-833-US-CAPTIVE
     (1-833-872-2784)
Fax: 888-929-6565