Welcome, everyone, to see some bonds money. But, the name of the game, I'm your host Steve, a syndicated financial commentator and money color commentator. On today's show, we have the IRS perspective, part three in our series on captive insurance companies. We are joined by author, speaker, and nationally recognized captive insurance company expert, Russ. Thank you for having me, Steve. Now, let's discuss the IRS and what they are currently looking at in captives. There are some promoter audits out there for captive insurance companies. While some may see this as a bad thing, I believe it is necessary. When I got into the business of captives, all we focused on was risk management. We are strictly managers and do not touch people's accounts or manage money. However, there are companies out there claiming to be captive insurance experts who do not have a thorough understanding of the products they are selling. These companies solely focus on the tax benefits without considering the risk management aspect. For example, some companies are selling hurricane coverage in Wisconsin, which makes no sense. It is important to differentiate between those who understand risk management, like the Marshes and Antos of the world, and those who only understand the tax benefits.
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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, 2024 — Notice 2016-66 is effective Jan 22, 2024 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, 2024 — 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, 2024 — 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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