Welcome everyone to see some bonds money but name of the game I'm your host Steve survived syndicated financial comest and money colour commentator on today's show the IRS perspective part three in our series on captive insurance companies a business alternative with author speaker and nationally recognized captive insurance company expert what sir welcome to segment three Russ thank you for having oh I have to bring up the IRS don't I now I noticed that you were telling me a couple years back the every year they seem to have a meeting and all the people that are in a captive in Triscuit like yourself everybody goes to this meeting to find out any nuances in the code any changes in the regulations as Congress made any new law we have to kind of know what's going on and their engagements I've noticed out of the internet when you talk about catheters there are a plethora of companies out there claiming that they know what they're doing and so forth and it seems like the IRS is going after many of these companies because they seem to have irregular practices you have a very studious way of approaching this it's academic and more than that it complies with the law let's talk about the IRS first and what are they looking at in captives right now there's some promoter audits out there for captive insurance companies now I don't necessarily see that as a bad thing because as you mentioned when I got into the business of captives and this is all we do we don't manage money we never touch product we don't ever touch people's accounts do any of that we've just or strictly a manager people that used to sell for 19 for 12 eyes...
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8886 captive insurance Form: What You Should Know
Form 8886/88886 — Form 8506 or Form 8786 Form 8886/88886 — Form 8506 or Form 8786 Form 8506-LMS — Listed Investment Contract Form 8888 — Reportable Investment Contract (Cumulative Disclosure Statement) Form 8888 — Reportable Investment Contract (Cumulative Disclosure Statement) Form 8886/88886 — Reportable Transaction Disclosure Statement Form 8885 — Reporting Required in Certain Foreign Reportable Transactions Form 8886/88886 — Reportable Transaction Disclosure Statement (Rev. December 2022) Reg's. § 1.6011-4(e)(4) (2016) and Code Notice of Proposed Effective Date for Notice 2016-66 — IRS Jan 22, 2023 — Notice 2016-66 is effective Jan 22, 2023 for reporting only the transaction on the Form 8886 Form 8886—Reportable Investment Contract Form 8886—Reportable Investment Contract (Rev. December 2022) Form 8896 — Reportable Investment Contract (Cumulative Disclosure Statement) Form 8686 — Investment Contract or Contract with Related Contracts Form 8686 — Investment Contract or Contract with Related Contracts (Rev. December 2022) Form 8889 — Listed Investment Contract (Cumulative Disclosure Statement) Form 8889 — Listed Investment Contract (Rev. December 2022) Form 8512 — Contract with Related Contracts Oct 1, 2023 — Form 8512 is amended to permit reportable transactions on forms 8889, 8888, 8886, and 8886 except Form 8889, Listed Investment Contract (Cumulative Disclosure Statement) due to the new disclosure requirements Registering Offshore Financial Accounts to the IRS Feb 20, 2023 — Reg. 5-1008 — Registering Offshore Financial Accounts to the IRS is no longer required Effective Date for Registering Offshore Accounts and Reports— IRC § 1041(d)(3) Reg. § 1.
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